0000950170-23-002759 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2022	Jan. 31, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-31303
Entity Registrant Name	BLACK HILLS CORPORATION
Entity Incorporation, State or Country Code	SD
Entity Tax Identification Number	46-0458824
Entity Address, Address Line One	7001 Mount Rushmore Road
Entity Address, City or Town	Rapid City
Entity Address, State or Province	SD
Entity Address, Postal Zip Code	57702
City Area Code	605
Local Phone Number	721-1700
Title of 12(b) Security	Common stock of $1.00 par value
Trading Symbol	BKH
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 4,702,221,557
Entity Common Stock, Shares Outstanding		66,103,478
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement being prepared for the solicitation of proxies in connection with the 2023 Annual Meeting of Stockholders to be held on April 26, 2023, are incorporated by reference in Part III of this Form 10-K
Entity Central Index Key	0001130464
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Minneapolis, Minnesota
Auditor Firm ID	34

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Revenue	$ 2,551,816	$ 1,949,102	$ 1,696,941
Operating expenses:
Fuel, purchased power and cost of natural gas sold	1,230,550	741,934	492,404
Operations and maintenance	548,430	501,690	495,404
Depreciation, depletion and amortization	250,909	235,953	224,457
Taxes - property and production	66,683	60,096	56,373
Total operating expenses	2,096,572	1,539,673	1,268,638
Operating income	455,244	409,429	428,303
Other income (expense):
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts)	(162,584)	(154,112)	(144,931)
Interest income	1,595	1,708	1,461
Impairment of investment	0	0	(6,859)
Other income (expense), net	1,708	1,404	(2,293)
Total other income (expense)	(159,281)	(151,000)	(152,622)
Income before income taxes	295,963	258,429	275,681
Income tax expense	(25,205)	(7,169)	(32,918)
Net income	270,758	251,260	242,763
Net income attributable to non-controlling interest	(12,371)	(14,516)	(15,155)
Net income available for common stock	$ 258,387	$ 236,744	$ 227,608
Earnings per share of common stock:
Earnings per share, Basic (usd per share)	$ 3.98	$ 3.74	$ 3.65
Earnings per share, Diluted (usd per share)	$ 3.97	$ 3.74	$ 3.65
Weighted average common shares outstanding:
Basic (in shares)	64,858	63,219	62,378
Diluted (in shares)	65,021	63,325	62,439

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 270,758	$ 251,260	$ 242,763
Other comprehensive income (loss), net of tax:
Benefit plan liability adjustments - net gain (loss) (net of tax of $(1,505), $(664) and $191, respectively)	4,604	1,959	(1,062)
Reclassification adjustment of benefit plan liability - net loss (net of tax of $(226), $(665) and $(958), respectively)	525	1,726	1,429
Reclassification adjustment of benefit plan liability - prior service cost (net of tax of $28, $27 and $23, respectively)	(65)	(71)	(80)
Net unrealized gains (losses) on commodity derivatives (net of tax of $193, $(980) and $14, respectively)	(631)	3,023	(47)
Other comprehensive income (loss), net of tax	4,517	7,262	3,309
Comprehensive income	275,275	258,522	246,072
Less: comprehensive income attributable to non-controlling interest	(12,371)	(14,516)	(15,155)
Comprehensive income available for common stock	262,904	244,006	230,917
Interest rate swaps
Other comprehensive income (loss), net of tax:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	2,129	2,174	2,564
Commodity derivatives
Other comprehensive income (loss), net of tax:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	$ (2,045)	$ (1,549)	$ 505

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
(Tax) benefit on benefit plan liability adjustments - net gain (loss)	$ (1,505)	$ (664)	$ 191
(Tax) benefit on reclassification adjustment of benefit plan liability - net loss	(226)	(665)	(958)
(Tax) benefit on reclassification adjustment of benefit plan liability - prior service cost	28	27	23
Interest Rate Swap
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification,Tax (Benefit)	(721)	(677)	(287)
Commodity Contract
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification,Tax (Benefit)	663	502	(96)
(Tax) benefit on net unrealized gains (losses) on commodity derivatives	$ 193	$ (980)	$ 14

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 21,430	$ 8,921
Restricted cash and equivalents	5,555	4,889
Accounts receivable, net	508,192	321,652
Materials, supplies and fuel	207,421	150,979
Derivative assets, current	582	4,373
Income tax receivable, net	17,637	18,017
Regulatory assets, current	260,312	270,290
Other current assets	50,579	29,012
Total current assets	1,071,708	808,133
Property, plant and equipment	8,374,790	7,856,573
Less accumulated depreciation and depletion	(1,576,842)	(1,407,397)
Total property, plant and equipment, net	6,797,948	6,449,176
Other assets:
Goodwill	1,299,454	1,299,454
Intangible assets, net	9,589	10,770
Regulatory assets, non-current	392,669	526,309
Other assets, non-current	46,862	38,054
Total other assets, non-current	1,748,574	1,874,587
TOTAL ASSETS	9,618,230	9,131,896
Current liabilities:
Accounts payable	310,020	217,761
Accrued liabilities	243,457	244,759
Derivative liabilities, current	6,600	1,439
Regulatory liabilities, current	46,013	17,574
Notes payable	535,600	420,180
Current maturities of long-term debt	525,000	0
Total current liabilities	1,666,690	901,713
Long-term debt, net of current maturities	3,607,340	4,126,923
Deferred credits and other liabilities:
Deferred income tax liabilities, net	508,941	465,388
Regulatory liabilities, non-current	472,560	485,377
Benefit plan liabilities	116,742	123,925
Other deferred credits and other liabilities	156,062	141,447
Total deferred credits and other liabilities	1,254,305	1,216,137
Commitments, contingencies and guarantees (Note 3)
Equity:
Common stock $1.00 par value; 100,000,000 shares authorized; issued: 66,140,396 and 64,793,095, respectively	66,140	64,793
Additional paid-in capital	1,882,653	1,783,436
Retained earnings	1,064,122	962,458
Treasury stock at cost - 36,726 and 54,078, respectively	(2,435)	(3,509)
Accumulated other comprehensive income (loss)	(15,567)	(20,084)
Total stockholders’ equity	2,994,913	2,787,094
Non-controlling interest	94,982	100,029
Total equity	3,089,895	2,887,123
TOTAL LIABILITIES AND TOTAL EQUITY	$ 9,618,230	$ 9,131,896

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 1.00	$ 1.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares, issued	66,140,396	64,793,095
Treasury stock, shares	36,726	54,078

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net income	$ 270,758	$ 251,260	$ 242,763
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	250,909	235,953	224,457
Deferred financing cost amortization	9,843	6,968	7,883
Impairment of investment	0	0	6,859
Stock compensation	8,551	9,655	5,373
Deferred income taxes	25,592	7,261	38,091
Employee benefit plans	5,459	9,590	11,997
Other adjustments, net	(4,720)	7,018	11,669
Change in certain operating assets and liabilities:
Materials, supplies and fuel	(75,403)	(35,707)	2,755
Accounts receivable and other current assets	(184,448)	(43,170)	(10,843)
Accounts payable and other current liabilities	89,405	10,660	24,659
Regulatory assets	203,869	(514,687)	(5,047)
Regulatory liabilities	(0)	(9,533)	(10,706)
Contributions to defined benefit pension plans	0	0	(12,700)
Other operating activities, net	(15,014)	167	4,653
Net cash provided by (used in) operating activities	584,801	(64,565)	541,863
Investing activities:
Property, plant and equipment additions	(604,365)	(677,492)	(767,404)
Other investing activities	485	13,262	5,740
Net cash (used in) investing activities	(603,880)	(664,230)	(761,664)
Financing activities:
Dividends paid on common stock	(156,723)	(145,023)	(135,439)
Common stock issued	90,044	118,979	99,278
Term Loan - borrowings	0	800,000	0
Term Loan - repayments	0	(800,000)	0
Net borrowings (payments) of Revolving Credit Facility and CP Program	115,420	186,140	(115,460)
Long-term debt - issuance	0	600,000	400,000
Long-term debt - repayments	0	(8,436)	(8,597)
Distributions to non-controlling interests	(17,418)	(15,749)	(15,839)
Other financing activities	931	(4,045)	(7,061)
Net cash provided by financing activities	32,254	731,866	216,882
Net change in cash, restricted cash and cash equivalents	13,175	3,071	(2,919)
Cash, restricted cash and cash equivalents beginning of year	13,810	10,739	13,658
Cash, restricted cash and cash equivalents end of year	26,985	13,810	10,739
Supplemental cash flow information:
Interest (net of amounts capitalized)	(152,546)	(142,685)	(136,549)
Income taxes	771	1,521	2,172
Accrued property, plant and equipment purchases at December 31	59,347	68,758	72,215
Increase in capitalized assets associated with asset retirement obligations	$ 14,032	$ 2,109	$ 4,774

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2019			61,480,658	3,956
Beginning balance at Dec. 31, 2019	$ 2,464,069		$ 61,481	$ (267)	$ 1,552,788	$ 778,776		$ (30,655)	$ 101,946
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	242,763					227,608			15,155
Other comprehensive income, net of tax	3,309							3,309
Dividends on common stock	(135,439)					(135,439)
Share-based compensation (in shares)			123,578	28,536
Share-based compensation	5,194		$ 123	$ (1,852)	6,923
Issuance of common stock (in shares)			1,222,943
Issuance of common stock	100,000		$ 1,223		98,777
Issuance costs	(1,203)				(1,203)
Distributions to non-controlling interest	(15,839)								(15,839)
Ending balance (in shares) at Dec. 31, 2020			62,827,179	32,492
Ending balance at Dec. 31, 2020	2,662,647	$ (207)	$ 62,827	$ (2,119)	1,657,285	870,738	$ (207)	(27,346)	101,262
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	251,260					236,744			14,516
Other comprehensive income, net of tax	7,262							7,262
Dividends on common stock	(145,023)					(145,023)
Share-based compensation (in shares)			153,719	21,586
Share-based compensation	8,020		$ 154	$ (1,390)	9,256
Issuance of common stock (in shares)			1,812,197
Issuance of common stock	119,924		$ 1,812		118,112
Issuance costs	(1,217)				(1,217)
Other	(1)					(1)
Distributions to non-controlling interest	(15,749)								(15,749)
Ending balance (in shares) at Dec. 31, 2021			64,793,095	54,078
Ending balance at Dec. 31, 2021	2,887,123		$ 64,793	$ (3,509)	1,783,436	962,458		(20,084)	100,029
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	270,758					258,387			12,371
Other comprehensive income, net of tax	4,517							4,517
Dividends on common stock	(156,723)					(156,723)
Share-based compensation (in shares)			39,546	(17,352)
Share-based compensation	11,594		$ 39	$ 1,074	10,481
Issuance of common stock (in shares)			1,307,755
Issuance of common stock	91,197		$ 1,308		89,889
Issuance costs	(1,153)				(1,153)
Distributions to non-controlling interest	(17,418)								(17,418)
Ending balance (in shares) at Dec. 31, 2022			66,140,396	36,726
Ending balance at Dec. 31, 2022	$ 3,089,895		$ 66,140	$ (2,435)	$ 1,882,653	$ 1,064,122		$ (15,567)	$ 94,982

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (usd per share)	$ 2.41	$ 2.29	$ 2.17

Business Description And Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business Description and Significant Accounting Policies

(1)

BUSINESS DESCRIPTION AND SIGNIFICANT ACCOUNTING POLICIES

Business Description

Black Hills Corporation is a customer-focused, growth-oriented utility company headquartered in Rapid City, South Dakota. We are a holding company that, through our subsidiaries, conducts our operations through the following reportable segments: Electric Utilities and Gas Utilities. Certain unallocated corporate expenses that support our operating segments are presented as Corporate and Other.

Use of Estimates and Basis of Presentation

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Changes in facts and circumstances or additional information may result in revised estimates and actual results could differ materially from those estimates.

COVID-19 Pandemic

In March 2020, the World Health Organization categorized COVID-19 as a pandemic and the President of the United States declared the outbreak a national emergency. The U.S. government has deemed electric and natural gas utilities to be critical infrastructure sectors that provide essential services during this emergency. As a provider of essential services, the Company has an obligation to provide services to our customers. The Company remains focused on protecting the health of our customers, employees and the communities in which we operate while assuring the continuity of our business operations.

The Company’s Consolidated Financial Statements reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenue and expenses during the reporting periods presented. The Company considered the impacts of COVID-19 on the assumptions and estimates used and determined that, for the years ended December 31, 2022, 2021 and 2020, there were no material adverse impacts on the Company’s results of operations.

Principles of Consolidation

The consolidated financial statements include the accounts of Black Hills Corporation and its wholly-owned and majority-owned and controlled subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. For additional information on intercompany revenues, see Note 16.

Our Consolidated Statements of Income include operating activity of acquired companies beginning with their acquisition date. We use the proportionate consolidation method to account for our ownership interest in any jointly-owned electric utility generation facility, wind farm or transmission tie. See Note 6 for additional information.

Variable Interest Entities

We evaluate arrangements and contracts with other entities to determine if they are VIEs and if we are the primary beneficiary. GAAP provides a framework for identifying VIEs and determining when a company should include the assets, liabilities, non-controlling interest and results of activities of a VIE in its consolidated financial statements.

A VIE should be consolidated if a party with an ownership, contractual or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE’s most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities and non-controlling interests at fair value and subsequently account for the VIE as if it were consolidated.

Our evaluation of whether our interest qualifies as the primary beneficiary of a VIE involves significant judgments, estimates and assumptions and includes a qualitative analysis of the activities that most significantly impact the VIE’s economic performance and whether the Company has the power to direct those activities, the design of the entity, the rights of the parties and the purpose of the arrangement. Black Hills Colorado IPP is a VIE. See additional information in Note 12.

Cash, Cash Equivalents and Restricted Cash

We consider all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. We maintain cash accounts for various specified purposes, which are classified as restricted cash.

Revenue Recognition

Our revenue contracts generally provide for performance obligations that are fulfilled and transfer control to customers over time, represent a series of distinct services that are substantially the same, involve the same pattern of transfer to the customer and provide a right to consideration from our customers in an amount that corresponds directly with the value to the customer for the performance completed to date. Therefore, we recognize revenue in the amount to which we have a right to invoice. Our primary types of revenue contracts are:

•

Regulated natural gas and electric utility services tariffs - Our Utilities have regulated operations, as defined by ASC 980, Regulated Operations, that provide services to regulated customers under tariff rates, charges, terms and conditions of service and prices determined by the jurisdictional regulators designated for our service territories. Our regulated services primarily encompass single performance obligations for delivery of either commodity natural gas, commodity electricity, natural gas transportation or electric transmission services. These service revenues are variable based on quantities delivered, influenced by seasonal business and weather patterns. Tariffs are only permitted to be changed through a rate-setting process involving the state or federal regulatory commissions to establish contractual rates between the utility and its customers. All of our Utilities’ regulated sales are subject to regulatory-approved tariffs.

•

Power sales agreements - Our Electric Utilities segment has long-term wholesale power sales agreements with other load-serving entities, including affiliates, for the sale of excess power from owned generating units. These agreements include a combination of “take or pay” arrangements, where the customer is obligated to pay for the energy regardless of whether it actually takes delivery, as well as “requirements only” arrangements, where the customer is only obligated to pay for the energy the customer needs. In addition to these long-term contracts, we also sell excess energy to other load-serving entities on a short-term basis. The pricing for all of these arrangements is included in the executed contracts or confirmations, reflecting the standalone selling price and is variable based on energy delivered. Certain energy sale and purchase transactions with the same counterparty and at the same delivery point are netted to reflect the economic substance of the arrangement.

The majority of our revenue contracts are based on variable quantities delivered. Any fixed consideration contracts with an expected duration of one year or more are immaterial to our consolidated revenues. Variable consideration constraints in the form of discounts, rebates, credits, price concessions, incentives, performance bonuses, penalties or other similar items are not material for our revenue contracts. We are the principal in our revenue contracts, as we have control over the services prior to those services being transferred to the customer.

Revenue Not in Scope of ASC 606

Other revenues included in the tables in Note 4 include our revenue accounted for under separate accounting guidance, including lease revenue under ASC 842, Leases, derivative revenue under ASC 815, Derivatives and Hedging, and alternative revenue programs revenue under ASC 980, Regulated Operations.

Significant Judgments and Estimates

Unbilled Revenue

To the extent that deliveries have occurred, but a bill has not been issued, our Utilities accrue an estimate of the revenue since the latest billing. This estimate is calculated based upon several factors including billings through the last billing cycle in a month and prices in effect in our jurisdictions. Each month, the estimated unbilled revenue amounts are trued-up and recorded in Accounts receivable, net on the accompanying Consolidated Balance Sheets.

Contract Balances

The nature of our primary revenue contracts provides an unconditional right to consideration upon service delivery; therefore, no customer contract assets or liabilities exist. The unconditional right to consideration is represented by the balance in our Accounts receivable, which is further discussed below.

Additional information is included in Note 4.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable for our Electric and Gas Utilities business segments primarily consists of sales to residential, commercial, industrial, transportation and other customers, all of which do not bear interest. These accounts receivable are stated at billed and estimated unbilled amounts, net of allowance for credit losses. Accounts receivable for our power generation and mining businesses consists of amounts due from sales of electric energy and capacity and coal primarily to affiliates or regional utilities.

We maintain an allowance for credit losses which reflects our estimate of uncollectible trade receivables. We regularly review our trade receivable allowance by considering such factors as historical experience, credit worthiness, the age of the receivable balances and current economic conditions that may affect collectability.

In specific cases where we are aware of a customer’s inability or reluctance to pay, we record an allowance for credit losses to reduce the net receivable balance to the amount we reasonably expect to collect. However, if circumstances change, our estimate of the recoverability of accounts receivable could be affected. Circumstances which could affect our estimates include, but are not limited to, customer credit issues, expected losses, the level of commodity prices, customer deposits and general economic conditions. Accounts are written off once they are deemed to be uncollectible or the time allowed for dispute under the contract has expired.

We utilize master netting agreements which consist of an agreement between two parties who have multiple contracts with each other that provide for the net settlement of all contracts in the event of default on or termination of any one contract. When the right of offset exists, accounting standards permit the netting of receivables and payables under a legally enforceable master netting agreement between counterparties. Accounting standards also permit offsetting of fair value amounts recognized for the right to reclaim, or the obligation to return, cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty.

Following is a summary of accounts receivable as of December 31 (in thousands):


	2022			2021
Billed Accounts Receivable	$	267,571		$	181,027
Unbilled Revenue		243,574			142,738
Less Allowance for Credit Losses		(2,953	)		(2,113	)
Accounts Receivable, net	$	508,192		$	321,652

Changes to allowance for credit losses for the years ended December 31, were as follows (in thousands):


	Balance at Beginning of Year		Additions Charged to Costs and Expenses		Recoveries and Other Additions		Write-offs and Other Deductions			Balance at End of Year
2022	$	2,113	$	9,110	$	3,529	$	(11,799	)	$	2,953
2021	$	7,003	$	2,444	$	3,560	$	(10,894	)	$	2,113
2020	$	2,444	$	8,927	$	4,728	$	(9,096	)	$	7,003

Materials, Supplies and Fuel

The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Consolidated Balance Sheets as of December 31 (in thousands):


	2022		2021
Materials and supplies	$	99,734	$	86,400
Fuel		3,115		1,267
Natural gas in storage		104,572		63,312
Total materials, supplies and fuel	$	207,421	$	150,979

Materials and supplies represent parts and supplies for business segments. Fuel represents diesel oil and gas used by our Electric Utilities to produce power. Natural gas in storage primarily represents gas purchased for use by our gas customers. All of our Materials, supplies and fuel are recorded using the weighted-average cost method and are valued at the lower-of-cost or net realizable value. The value of our natural gas in storage fluctuates with seasonal volume requirements of our business and the commodity price of natural gas.

Property, Plant and Equipment

Additions to property, plant and equipment are recorded at cost. Included in the cost of regulated construction projects is AFUDC, when applicable, which represents the approximate composite cost of borrowed funds and a return on equity used to finance a regulated utility project. The following table presents AFUDC amounts (in thousands) for the years ended December 31:


	Income Statement Location	2022		2021		2020
AFUDC Borrowed	Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts)	$	5,638	$	4,068	$	5,617
AFUDC Equity	Other income (expense), net		644		593		318

We also capitalize interest, when applicable, on undeveloped leasehold costs and certain non-regulated construction projects. In addition, asset retirement costs associated with tangible long-lived regulated utility assets are recognized as liabilities with an increase to the carrying amounts of the related long-lived regulated utility assets in the period incurred. The amounts capitalized are included in Property, plant and equipment on the accompanying Consolidated Balance Sheets. We also classify our Cushion Gas as Property, plant and equipment.

The cost of regulated utility property, plant and equipment retired, or otherwise disposed in the ordinary course of business, less salvage plus retirement costs, is charged to accumulated depreciation. Estimated removal costs related to our regulated properties that do not have legal retirement obligations are reclassified from accumulated depreciation and reflected as regulatory liabilities. Retirement or disposal of all other assets result in gains or losses recognized as a component of operating income. Ordinary repairs and maintenance of property, except as allowed under rate regulations, are charged to operations as incurred.

Depreciation provisions for property, plant and equipment are generally computed on a straight-line basis based on the applicable estimated service life of the various classes of property. The composite depreciation method is applied to regulated utility property. Capitalized mining costs and coal leases are amortized on a unit-of-production method based on volumes produced and estimated reserves. For certain non-regulated power plant components, depreciation is computed on a unit-of-production methodology based on plant hours run.

See Note 5 for additional information.

Asset Retirement Obligations

Accounting standards for AROs associated with long-lived assets require that the present value of retirement costs for which we have a legal obligation be recorded as liabilities with an equivalent amount added to the asset cost and depreciated over an appropriate period. The associated ARO accretion expense for our non-regulated operations, and regulated operations without a corresponding recovery mechanism, is included within Depreciation, depletion and amortization on the accompanying Consolidated Statements of Income. The accounting for the obligation for regulated operations with a regulatory mechanism has no income statement impact due to the deferral of the adjustments through the establishment of a regulatory asset or a regulatory liability.

We initially record liabilities for the present value of retirement costs for which we have a legal obligation, with an equivalent amount added to the asset cost. The asset is then depreciated or depleted over the appropriate useful life and the liability is accreted over time by applying an interest method of allocation. Any difference in the actual cost of the settlement of the liability and the recorded amount is recognized as a gain or loss in the results of operations at the time of settlement for our non-regulated operations. Additional information is included in Note 7.

Goodwill and Intangible Assets

Goodwill and intangible assets with indefinite lives are not amortized, but the carrying values are reviewed upon an indicator of impairment or at least annually. Intangible assets with a finite life are amortized over their estimated useful lives.

We perform a goodwill impairment test on an annual basis or upon the occurrence of events or changes in circumstances that indicate that the asset might be impaired. Our annual goodwill impairment testing date is as of October 1, which aligns our testing date with our financial planning process.

The Company has determined that the reporting units for its goodwill impairment test are its operating segments, or components of an operating segment.

Our goodwill impairment analysis includes an income approach and a market approach to estimate the fair value of our reporting units. This analysis requires the input of several critical assumptions, including future growth rates, cash flow projections, operating cost escalation rates, rates of return, a risk-adjusted discount rate, timing and level of success in regulatory rate proceedings, the cost of debt and equity capital, long-term earnings and merger multiples for comparable companies.


	Electric Utilities		Gas Utilities		Total
Goodwill	$	257,244	$	1,042,210	$	1,299,454

Our intangible assets represent contract intangibles, easements, rights-of-way, customer listings and trademarks. The finite-lived intangible assets are amortized using a straight-line method based on estimated useful lives; these assets are currently being amortized from 3 years to 37 years. Changes to intangible assets for the years ended December 31, were as follows (in thousands):


	2022			2021			2020
Intangible assets, net, beginning balance	$	10,770		$	11,944		$	13,266
Amortization expense (a)		(1,181	)		(1,174	)		(1,322	)
Intangible assets, net, ending balance	$	9,589		$	10,770		$	11,944

(a)

Amortization expense for existing intangible assets is expected to be $1.2 million for each year of the next five years.

Accrued Liabilities

The following amounts by major classification are included in Accrued liabilities on the accompanying Consolidated Balance Sheets as of December 31 (in thousands):


	2022		2021
Accrued employee compensation, benefits and withholdings	$	62,890	$	74,387
Accrued property taxes		52,430		50,874
Customer deposits and prepayments		47,655		48,814
Accrued interest		33,798		33,680
Other (none of which is individually significant)		46,684		37,004
Total accrued liabilities	$	243,457	$	244,759

Fair Value Measurements

Financial Instruments

We use the following fair value hierarchy for determining inputs for our financial instruments. Our assets and liabilities for financial instruments are classified and disclosed in one of the following fair value categories:

Level 1 — Unadjusted quoted prices available in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. Level 1 instruments primarily consist of highly liquid and actively traded financial instruments with quoted pricing information on an ongoing basis.

Level 2 — Pricing inputs include quoted prices for identical or similar assets and liabilities in active markets other than quoted prices in Level 1, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 — Pricing inputs are generally less observable from objective sources. These inputs reflect management’s best estimate of fair value using its own assumptions about the assumptions a market participant would use in pricing the asset or liability.

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. We record transfers, if necessary, between levels at the end of the reporting period for all of our financial instruments.

Transfers into Level 3, if any, occur when significant inputs used to value the derivative instruments become less observable, such as a significant decrease in the frequency and volume in which the instrument is traded, negatively impacting the availability of observable pricing inputs. Transfers out of Level 3, if any, occur when the significant inputs become more observable, such as when the time between the valuation date and the delivery date of a transaction becomes shorter, positively impacting the availability of observable pricing inputs.

Valuation Methodologies for Derivatives

The wholesale electric energy and natural gas commodity contracts for our Utilities are valued using the market approach and include forward strip pricing at liquid delivery points, exchange-traded futures, options, basis swaps and over-the-counter swaps and options (Level 2). For exchange-traded futures, options and basis swap assets and liabilities, fair value was derived using broker quotes validated by the exchange settlement pricing for the applicable contract. For over-the-counter instruments, the fair value is obtained by utilizing a nationally recognized service that obtains observable inputs to compute the fair value, which we validate by comparing our valuation with the counterparty. The fair value of these swaps includes a CVA based on the credit spreads of the counterparties when we are in an unrealized gain position or on our own credit spread when we are in an unrealized loss position.

Additional information on fair value measurements is included in Notes 10 and 13.

Derivatives and Hedging Activities

All our derivatives are measured at fair value and recognized as either assets or liabilities on the Consolidated Balance Sheets, except for derivative contracts that qualify for and are elected under the normal purchase and normal sales exception. Normal purchases and normal sales are contracts where physical delivery is probable, quantities are expected to be used or sold in the normal course of business over a reasonable amount of time and pricing is clearly and closely related to the asset being purchased or sold. Normal purchase and sales contracts are recognized when the underlying physical transaction is completed under the accrual basis of accounting.

In addition, certain derivative contracts approved by regulatory authorities are either recovered or refunded through customer rates. Any changes in the fair value of these approved derivative contracts are deferred as a regulatory asset or regulatory liability pursuant to ASC 980, Regulated Operations.

We also have some derivatives that qualify for hedge accounting and are designated as cash flow hedges. The gain or loss on these designated derivatives is deferred in AOCI and reclassified into earnings when the corresponding hedged transaction is recognized in earnings. Changes in the fair value of all other derivative contracts are recognized in earnings.

See additional information in Notes 9, 10 and 11.

Deferred Financing Costs

Deferred financing costs include loan origination fees, underwriter fees, legal fees and other costs directly attributable to the issuance of debt. Deferred financing costs are amortized over the estimated useful life of the related debt. These costs are presented on the balance sheet as an adjustment to the related debt liabilities. See additional information in Note 8.

Regulatory Accounting

Our regulated Electric Utilities and Gas Utilities are subject to cost-of-service regulation and earnings oversight from federal and state regulatory commissions. Our Electric and Gas Utilities account for income and expense items in accordance with accounting standards for regulated operations. These accounting policies differ in some respects from those used by our non-regulated businesses. Under these regulated operations accounting standards:

•

Certain costs, which would otherwise be charged to expense or OCI, are deferred as regulatory assets based on the expected ability to recover the costs in future rates.

•

Certain credits, which would otherwise be reflected as income or OCI, are deferred as regulatory liabilities based on the expectation the amounts will be returned to customers in future rates, or because the amounts were collected in rates prior to the costs being incurred.

Management continually assesses the probability of future recoveries and obligations associated with regulatory assets and liabilities. Factors such as the current regulatory environment, recently issued rate orders, and historical precedents are considered. As a result, we believe that the accounting prescribed under rate-based regulation remains appropriate and our regulatory assets are probable of recovery in current rates or in future rate proceedings.

If changes in the regulatory environment occur, we may no longer be eligible to apply this accounting treatment and may be required to eliminate regulatory assets and liabilities from our balance sheet. Such changes could adversely affect our results of operations, financial position or cash flows.

See Note 2 for further information.

Income Taxes

The Company and its subsidiaries file consolidated federal income tax returns. Each entity records both federal and state income taxes as if it were a separate taxpayer and consolidating expense adjustments are allocated to the subsidiaries based on separate company computations of taxable income or loss.

We use the asset and liability method in accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized at currently enacted income tax rates, to reflect the tax effect of temporary differences between the financial and tax basis of assets and liabilities as well as operating loss and tax credit carryforwards. Such temporary differences are the result of provisions in the income tax law that either require or permit certain items to be reported on the income tax return in a different period than they are reported in the financial statements.

It is our policy to apply the flow-through method of accounting for ITCs. Under the flow-through method, ITCs are reflected in net income as a reduction to income tax expense in the year they qualify. An exception to this general policy is the deferral method, which applies to our regulated businesses. Such a method results in the ITC being amortized as a reduction to income tax expense over the estimated useful lives of the underlying property that gave rise to the credit.

We recognize interest income or interest expense and penalties related to income tax matters in Income tax expense on the Consolidated Statements of Income.

We account for uncertainty in income taxes recognized in the financial statements in accordance with the accounting standards for income taxes. The unrecognized tax benefit is classified in Other deferred credits and other liabilities or in Deferred income tax liabilities, net on the accompanying Consolidated Balance Sheets. See Note 15 for additional information.

Earnings per Share of Common Stock

Basic earnings per share is computed by dividing Net income available for common stock by the weighted average number of common shares outstanding during each year. Diluted earnings per share is computed by including all dilutive common shares outstanding during each year. Diluted common shares are primarily due to equity units, outstanding stock options, restricted stock and performance shares under our equity compensation plans.

A reconciliation of share amounts used to compute earnings per share is as follows for the years ended December 31 (in thousands):


	2022		2021		2020
Net income available for common stock	$	258,387	$	236,744	$	227,608
Weighted average shares - basic		64,858		63,219		62,378
Dilutive effect of:
Equity compensation		163		106		61
Weighted average shares - diluted		65,021		63,325		62,439
Net income available for common stock, per share - Diluted	$	3.97	$	3.74	$	3.65

The following securities were excluded from the diluted earnings per share computation for the years ended December 31 because of their anti-dilutive nature (in thousands):


	2022		2021		2020
Equity compensation		-		13		60
Anti-dilutive shares excluded from computation of earnings per share		-		13		60

Non-controlling Interests

We account for changes in our controlling interests of subsidiaries according to ASC 810, Consolidation. ASC 810 requires that the Company record such changes as equity transactions, recording no gain or loss on such a sale. GAAP requires that non-controlling interests in subsidiaries and affiliates be reported in the equity section of a company’s balance sheet. In addition, the amounts attributable to the non-controlling interest net income (loss) of those subsidiaries are reported separately in the consolidated statements of income and comprehensive income. See Note 12 for additional detail on non-controlling interests.

Share-Based Compensation

We account for our share-based compensation arrangements in accordance with ASC 718, Compensation-Stock Compensation, by recognizing compensation costs for all share-based awards over the respective service period for employee services received in exchange for an award of equity or equity-based compensation. Awards that will be settled in stock are accounted for as equity and the compensation expense is based on the grant date fair value. Awards that are settled in cash are accounted for as liabilities and the compensation expense is re-measured each period based on the current market price and performance achievement measures. See additional information in Note 14.

Recently Issued Accounting Standards

Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ASU 2020-04

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was subsequently amended by ASU 2021-01 and ASU 2022-06. The standard provides relief for companies preparing for discontinuation of interest rates, such as LIBOR, and allows optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are elective and are effective upon the ASU issuance through December 31, 2024. We are currently evaluating if we will apply the optional guidance as we assess the impact of the discontinuance of LIBOR on our current arrangements. We do not expect the ASU to have a material impact on our financial position, results of operations and cash flows.

Regulatory Matters

12 Months Ended

Dec. 31, 2022

Regulated Operations [Abstract]

Regulatory Matters

(2)

REGULATORY MATTERS

We had the following regulatory assets and liabilities as of December 31 (in thousands):


	2022			2021
Regulatory assets
Winter Storm Uri (a)	$	347,980		$	509,025
Deferred energy and fuel cost adjustments (b)		72,580			59,973
Deferred gas cost adjustments (b)		12,147			9,488
Gas price derivatives (b)		8,793			2,584
Deferred taxes on AFUDC (b)		7,333			7,457
Employee benefit plans and related deferred taxes (c)		89,259			88,923
Environmental (b)		1,343			1,385
Loss on reacquired debt (b)		19,213			21,011
Deferred taxes on flow-through accounting (b)		69,529			63,243
Decommissioning costs (b)		3,472			5,961
Other regulatory assets (b)		21,332			27,549
Total regulatory assets		652,981			796,599
Less current regulatory assets		(260,312	)		(270,290	)
Regulatory assets, non-current	$	392,669		$	526,309

Regulatory liabilities
Deferred energy and gas costs (b)	$	24,030		$	6,113
Employee benefit plan costs and related deferred taxes (c)		34,258			32,241
Cost of removal (b)		175,614			179,976
Excess deferred income taxes (c)		254,833			264,042
Other regulatory liabilities (c)		29,838			20,579
Total regulatory liabilities		518,573			502,951
Less current regulatory liabilities		(46,013	)		(17,574	)
Regulatory liabilities, non-current	$	472,560		$	485,377

(a)

Timing of Winter Storm Uri incremental cost recovery and associated carrying costs vary by jurisdiction. See further information below.

(b)

Recovery of costs, but we are not allowed a rate of return.

(c)

In addition to recovery or repayment of costs, we are allowed a return on a portion of this amount or a reduction in rate base.

Regulatory assets represent items we expect to recover from customers through probable future rates.

Winter Storm Uri - See discussion below for Winter Storm Uri regulatory asset information.

Deferred Energy and Fuel Cost Adjustments - Deferred energy and fuel cost adjustments represent the cost of electricity delivered to our Electric Utilities’ customers that is either higher or lower than the current rates and will be recovered or refunded in future rates. Deferred energy and fuel cost adjustments are recorded and recovered or amortized as approved by the appropriate state regulatory commission. Our Electric Utilities file periodic quarterly, semi-annual and/or annual filings to recover these costs based on the respective cost mechanisms approved by their applicable state regulatory commissions.

Deferred Gas Cost Adjustments - Our regulated Gas Utilities have GCA provisions that allow them to pass the cost of gas on to their customers. The GCA is based on forecasts of the upcoming gas costs and recovery or refund of prior under-recovered or over-recovered costs. To the extent that gas costs are under-recovered or over-recovered, they are recorded as a regulatory asset or liability, respectively. Our Gas Utilities file periodic monthly, quarterly, semi-annual and/or annual filings to recover these costs based on the respective cost mechanisms approved by their applicable state regulatory commissions.

Gas Price Derivatives - Our regulated Gas Utilities, as allowed or required by state regulatory commissions, have entered into certain exchange-traded natural gas futures and options to reduce our customers’ underlying exposure to fluctuations in gas prices. Gas price derivatives represent our unrealized positions on our commodity contracts supporting our utilities. Gas price derivatives at December 31, 2022 are hedged over a maximum forward term of two years.

Deferred Taxes on AFUDC - The equity component of AFUDC is considered a permanent difference for tax purposes with the tax benefit being flowed through to customers as prescribed or allowed by regulators. If, based on a regulator’s action, it is probable the utility will recover the future increase in taxes payable represented by this flow-through treatment through a rate revenue increase, a regulatory asset is recognized. This regulatory asset is a temporary difference for which a deferred tax liability must be recognized. Accounting standards for income taxes specifically address AFUDC-equity and require a gross-up of such amounts to reflect the revenue requirement associated with a rate-regulated environment.

Employee Benefit Plans and Related Deferred Taxes - Employee benefit plans include the unrecognized prior service costs and net actuarial loss associated with our defined benefit pension plan and post-retirement benefit plans in regulatory assets rather than in AOCI. In addition, this regulatory asset includes the income tax effect of the adjustment required under accounting for compensation - defined benefit plans, to record the full pension and post-retirement benefit obligations. Such income tax effect has been grossed-up to account for the revenue requirement associated with a rate regulated environment.

Environmental - Environmental costs associated with certain former manufactured gas plant sites. These costs are first offset by recognition of insurance proceeds and settlements with other third parties. Any remaining cost will be requested for recovery in future rate filings. Recovery for these specific environmental costs has not yet been approved by the applicable state regulatory commission and therefore, the recovery period is unknown at this time.

Loss on Reacquired Debt - Loss on reacquired debt is recovered over the remaining life of the original issue or, if refinanced, over the life of the new issue.

Deferred Taxes on Flow-Through Accounting - Under flow-through accounting, the income tax effects of certain tax items are reflected in our cost of service for the customer and result in lower utility rates in the year in which the tax benefits are realized. A regulatory asset was established to reflect that future increases in income taxes payable will be recovered from customers as the temporary differences reverse. As a result of this regulatory treatment, we continue to record a tax benefit for costs considered currently deductible for tax purposes but are capitalized for book purposes.

Decommissioning Costs - South Dakota Electric and Colorado Electric received approval in 2014 for recovery of the remaining net book values and decommissioning costs of their decommissioned coal plants. In 2018, Arkansas Gas received approval to record Liquefied Natural Gas Plant decommissioning costs as a regulatory asset and received approval in 2020 to begin recovering those costs over three years.

Regulatory liabilities represent items we expect to refund to customers through probable future decreases in rates.

Deferred Energy and Gas Costs - Deferred energy and gas costs that have been over-recovered through customer rates and will be returned to customers in future periods.

Employee Benefit Plan Costs and Related Deferred Taxes - Employee benefit plans represent the cumulative excess of pension and retiree healthcare costs recovered in rates over pension expense recorded in accordance with ASC 715, Compensation-Retirement Benefits. In addition, this regulatory liability includes the income tax effect of the adjustment required under ASC 715, Compensation-Retirement Benefits, to record the full pension and post-retirement benefit obligations. Such income tax effect has been grossed-up to account for the revenue requirement associated with a rate regulated environment.

Cost of Removal - Cost of removal represents the estimated cumulative net provisions for future removal costs for which there is no legal obligation for removal included in depreciation expense.

Excess Deferred Income Taxes - The revaluation of the regulated utilities' deferred tax assets and liabilities due to the passage of the TCJA was recorded as an excess deferred income tax to be refunded to customers primarily using the normalization principles as prescribed in the TCJA. See Note 15 for additional information.

Recent Regulatory Activity

Winter Storm Uri

In February 2021, Winter Storm Uri caused a substantial increase in heating and energy demand and contributed to unforeseeable and unprecedented market prices for natural gas and electricity. As a result, we incurred significant incremental fuel, purchased power and natural gas costs.

Our Utilities submitted Winter Storm Uri cost recovery applications in our state jurisdictions seeking to recover $546 million of these incremental costs through separate tracking mechanisms over a weighted-average recovery period of 3.5 years. In these applications, we sought approval to recover carrying costs. We have received final commission approval for all of our Winter Storm Uri cost recovery applications, which will allow our Utilities to recover incremental fuel, purchased power and natural gas costs.

For the years ended December 31, 2022 and 2021, our Utilities collected $174 million and $40 million, respectively, of Winter Storm Uri incremental costs and carrying costs from customers. As of December 31, 2022, we estimate that our remaining Winter Storm Uri regulatory asset has a weighted-average recovery period of 2.6 years.

For years ended December 31, 2022 and 2021, $22 million and $4.1 million, respectively, of carrying costs were accrued and recorded to a regulatory asset. The carrying costs accrued during the year ended December 31, 2022 included a one-time, $10 million true-up recorded in the second quarter to reflect commission authorized rates.

TCJA

On December 30, 2020, an administrative law judge approved a settlement of Colorado Electric’s plan to provide $9.3 million of TCJA-related bill credits to its customers. The bill credits, which represent a disposition of excess deferred income tax benefits resulting from the TCJA, were delivered to customers in February 2021.

On January 26, 2021, the NPSC approved Nebraska Gas’s plan to provide $2.9 million of TCJA-related bill credits to its customers. The bill credits, which represent a disposition of excess deferred income tax benefits resulting from the TCJA, were delivered to customers in June 2021.

As part of Kansas Gas’ 2021 rate review settlement agreement, Kansas Gas will deliver $9.1 million, or approximately $3.0 million of TCJA and state tax reform benefits to customers annually, for three years starting in 2022. For the year ended December 31, 2022, Kansas Gas delivered TCJA and state tax reform benefits to customers of $2.9 million.

These Colorado Electric, Kansas Gas and Nebraska Gas tax benefits delivered to customers, which resulted in a reduction in revenue, were offset by a reduction in income tax expense and resulted in a minimal impact to Net income for the years ended December 31, 2022 and 2021.

Arkansas Gas

On December 10, 2021, Arkansas Gas filed a rate review with the APSC seeking recovery of significant infrastructure investments in its 7,200-mile natural gas pipeline system. On October 10, 2022, the APSC approved a partial settlement agreement with all intervening parties for a general rate increase and authorized a capital structure of 45% equity and 55% debt and a return on equity of 9.6%. The APSC’s decision shifts approximately $10 million of rider revenue to base rates and is expected to generate $8.8 million of new annual revenue. The APSC also approved a new comprehensive safety and integrity rider which replaces three former riders. New rates were effective on October 21, 2022.

Wyoming Electric

On June 1, 2022, Wyoming Electric filed a rate review with the WPSC seeking recovery of significant infrastructure investments in its 1330-mile electric distribution and 59-mile electric transmission systems. On January 26, 2023, the WPSC approved a settlement agreement with intervening parties for a general rate increase. The settlement is expected to generate $8.7 million in new annual revenue with a capital structure of 52% equity and 48% debt and a return on equity of 9.75%. New rates will be effective on March 1, 2023. The agreement also includes approval of a new rider that will be filed annually to recover transmission investment and expenses.

Colorado Gas

RMNG Rate Review

On October 7, 2022, RMNG filed a rate review with the CPUC seeking recovery of significant infrastructure investments in its 600-mile natural gas pipeline system. The rate review requests $12.3 million in new annual revenue based on a future test year with a capital structure of 52% equity and 48% debt and a return on equity of 12.3%. The rate review also requests a $7.7 million shift of SSIR revenues to base rates. The request seeks to finalize rates in the third quarter of 2023.

Colorado Gas Rate Reviews and SSIR

On June 1, 2021, Colorado Gas filed a rate review with the CPUC seeking recovery of significant infrastructure investments in its 7,000-mile natural gas pipeline system. In the fourth quarter of 2021, Colorado Gas reached a settlement agreement with the CPUC staff and various intervenors for a general rate increase, which was subsequently approved by an administrative law judge. New rates were effective January 1, 2022, and the settlement is expected to generate $6.5 million of new annual revenue. The new revenue is based on a return on equity of 9.2% and a capital structure of 50.3% equity and 49.7% debt.

On September 11, 2020, in accordance with the final Order from the rate review filed on February 1, 2019, Colorado Gas filed a SSIR proposal with the CPUC that would recover safety and integrity focused investments in its system for five years. On July 6, 2021, Colorado Gas received approval from the CPUC for its SSIR proposal to recover these investments for three years effective January 1, 2022. The return on SSIR investments will be the current weighted-average cost of long-term debt.

Iowa Gas

Rate Review

On June 1, 2021, Iowa Gas filed a rate review with the IUB seeking recovery of significant infrastructure investments in its 5,000-mile natural gas pipeline system. On December 28, 2021, the IUB approved a settlement agreement with all intervening parties for a general rate increase. The settlement shifted $2.2 million of rider revenue to base rates and is expected to generate $3.7 million in new annual revenue with a capital structure of 50% equity and 50% debt and a return on equity of 9.6%. Final rates were enacted on January 1, 2022 and replaced interim rates effective June 11, 2021.

Kansas Gas

Rate Review

On May 7, 2021, Kansas Gas filed a rate review and rider renewal with the KCC seeking recovery of significant infrastructure investments in its 4,600-mile natural gas pipeline system. On December 30, 2021, Kansas Gas received approval from the KCC on its Global Settlement agreement with KCC staff and various intervenors for a general rate increase and renewal of its safety and integrity rider. The settlement shifted $6.6 million of rider revenue to base rates, effective January 1, 2022, and also allowed rider renewal for at least five more years.

South Dakota Electric

FERC Formula Rate

The annual rate determination process is governed by the FERC formula rate protocols established in the filed FERC joint-access transmission tariff. Effective January 1, 2022, the annual revenue requirement for the FERC Transmission Formula Rate was $30 million and included estimated weighted average capital additions of $30 million for 2021 and 2022 combined.

Black Hills Wyoming and Wyoming Electric

Wygen I FERC Filing

On October 15, 2020, the FERC approved a settlement agreement that represents a resolution of all issues in the joint application filed by Wyoming Electric and Black Hills Wyoming on August 2, 2019 for approval of a new 60 MW PPA. Under the terms of the settlement, Wyoming Electric will continue to receive 60 MW of capacity and energy from the Wygen I power plant. The new agreement commenced on January 1, 2022, replaced the existing PPA and will expire after 11 years.

Commitment, Contingencies And Guarantees

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Guarantees

(3)

COMMITMENTS, CONTINGENCIES AND GUARANTEES

Unconditional Purchase Obligations

We have various PPAs and transmission service agreements, which extend to 2030, to support our Electric Utilities' capacity and energy needs beyond our regulated power plants' generation.

Our Utilities purchase natural gas, including transportation and storage capacity, to meet customers' needs under short-term and long-term purchase contracts. These contracts extend to 2044.

The following is a schedule of unconditional purchase obligations required under the power purchase, transmission services and natural gas transportation and storage agreements (in thousands):



	PPAs (a)		Transmission Services Agreements		Natural gas supply, transportation and storage agreements (b)
Future commitments for the year ending December 31,
2023	$	11,175	$	12,320	$	130,031
2024		2,738		-		98,881
2025		-		-		72,662
2026		-		-		45,102
2027		-		-		14,862
Thereafter		-		-		56,595
Total future commitments	$	13,913	$	12,320	$	418,133

___________________________

(a) This schedule does not reflect renewable energy PPA future obligations since these agreements vary based on weather conditions.

(b) Our Gas Utilities have commitments to purchase physical quantities of natural gas under contracts indexed to various forward natural gas price curves. A portion of our gas purchases are purchased under evergreen contracts and are therefore, for purposes of this disclosure, carried out for 60 days.

Lease Agreements

Lessee

We lease from third parties certain office and operation center facilities, communication tower sites, equipment and materials storage. Our leases have remaining terms ranging from less than one year to 33 years, including options to extend that are reasonably certain to be exercised. Our operating and finance leases were not material to the Company’s Consolidated Financial statements.

Lessor

We lease to third parties certain generating station ground leases, communication tower sites and a natural gas pipeline. These leases have remaining terms ranging from less than one year to 34 years. Lease revenue was not material for the years ended December 31, 2022, 2021 and 2020.

As of December 31, 2022, scheduled maturities of operating lease payments to be received in future years were as follows (in thousands):


	Operating Leases
2023	$	2,381
2024		2,125
2025		2,070
2026		1,881
2027		1,845
Thereafter		49,387
Total lease receivables	$	59,689

Environmental Matters

We are subject to costs resulting from a number of federal, state and local laws and regulations which affect future planning and existing operations. Laws and regulations can result in increased capital expenditures, operating and other costs as a result of compliance, remediation and monitoring obligations. Due to the environmental issues discussed below, we may be required to modify, curtail, replace or cease operating certain facilities or operations to comply with statutes, regulations and other requirements of regulatory bodies.

Reclamation Liability

For our Pueblo Airport Generation site, we posted a bond of $4.1 million with the State of Colorado to cover the costs of remediation for a waste water containment pond permitted to provide wastewater storage and processing for this zero-discharge facility. The reclamation liability is recorded at the present value of the estimated future cost to reclaim the land.

Under our land leases for our wind generation facilities, we are required to reclaim land where we have placed wind turbines. The reclamation liabilities are recorded at the present value of the estimated future cost to reclaim the land.

Under its mining permit, WRDC is required to reclaim all land where it has mined reserves. The reclamation liability is recorded at the present value of the estimated future cost to reclaim the land.

See Note 7 for additional information.

Manufactured Gas Processing

In 2008, we acquired whole and partial liabilities for former manufactured gas processing sites in Nebraska and Iowa, which were previously used to convert coal to natural gas. The acquisition provided for an insurance recovery, now valued at $1.3 million recorded in Other assets, non-current on our Consolidated Balance Sheets, which will be used to help offset remediation costs. We also have a $1.3 million regulatory asset for manufactured gas processing sites; see Note 2 for additional information.

As of December 31, 2022, we had $2.6 million accrued for remediation of Iowa’s manufactured gas processing site as the landowner. As of December 31, 2022, we had $0.6 million accrued for remediation of Nebraska’s manufactured gas processing site as the land owner. These liabilities are included in Other deferred credits and other liabilities on our Consolidated Balance Sheets. The remediation cost estimate could change materially due to results of further investigations, actions of environmental agencies or the financial viability of other responsible parties.

Legal Proceedings

In the normal course of business, we are subject to various lawsuits, actions, proceedings, claims and other matters asserted under laws and regulations. We believe the amounts provided in the consolidated financial statements to satisfy alleged liabilities are adequate in light of the probable and estimable contingencies. However, there can be no assurance that the actual amounts required to satisfy alleged liabilities from various legal proceedings, claims and other matters discussed, and to comply with applicable laws and regulations will not exceed the amounts reflected in the consolidated financial statements.

We record gain contingencies when realized and expected recoveries under applicable insurance contracts when we are assured of recovery.

In the normal course of business, we enter into agreements that include indemnification in favor of third parties, such as information technology agreements, purchase and sale agreements and lease contracts. We have also agreed to indemnify our directors, officers and employees in accordance with our articles of incorporation, as amended. Certain agreements do not contain any limits on our liability and therefore, it is not possible to estimate our potential liability under these indemnifications. In certain cases, we have recourse against third parties with respect to these indemnities. Further, we maintain insurance policies that may provide coverage against certain claims under these indemnities.

GT Resources, LLC v. Black Hills Corporation, Case No. 2020CV30751 (U.S. District Court for the City and County of Denver, Colorado)

On April 13, 2022, a jury awarded $41 million for claims made by GT Resources, LLC (“GTR”) against BHC and two of its subsidiaries (Black Hills Exploration and Production, Inc. and Black Hills Gas Resources, Inc.), which ceased oil and natural gas operations in 2018 as part of BHC’s decision to exit the exploration and production business. The claims involved a dispute over a 2.3 million-acre concession award in Costa Rica which was acquired by a BHC subsidiary in 2003. GTR retained rights to receive a royalty interest on any hydrocarbon production from the concession upon the occurrence of contingent events. GTR contended that BHC and its subsidiaries failed to adequately pursue the opportunity and failed to transfer the concession to GTR. We believe we have meritorious defenses to the verdict and have appealed the verdict. At this time, we believe that the liability related to this matter, if any, is not reasonably estimable.

Guarantees

We have entered into various parent company-level guarantees providing financial or performance assurance to third parties on behalf of certain of our subsidiaries. These guarantees do not represent incremental consolidated obligations, but rather, represent guarantees of subsidiary obligations to allow those subsidiaries to conduct business without posting other forms of assurance. The agreements, which are off-balance sheet commitments, include support for business operations, indemnification for reclamation and surety bonds. The guarantees were entered into in the normal course of business. To the extent liabilities are incurred as a result of activities covered by these guarantees, such liabilities are included in our Consolidated Balance Sheets.

See Note 8 for additional information on our off-balance sheet Letters of Credit commitment.

We had the following guarantees in place as of (in thousands):


	Maximum Exposure at
Nature of Guarantee	December 31, 2022
Indemnification for reclamation/surety bonds	$	107,314
Guarantees supporting business transactions	$	484,968
	$	592,282

Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

(4)

REVENUE

The following tables depict the disaggregation of revenue, including intercompany revenue, from contracts with customers by customer type and timing of revenue recognition for each of the reportable segments, for the years ended December 31, 2022, 2021 and 2020. Sales tax and other similar taxes are excluded from revenues.


Year ended December 31, 2022	Electric Utilities		Gas Utilities		Inter-company Revenues			Total
Customer types:	(in thousands)
Retail	$	739,734	$	1,453,266	$	—		$	2,193,000
Transportation		—		173,275		(413	)		172,862
Wholesale		44,832		—		—			44,832
Market - off-system sales		48,578		829		—			49,407
Transmission/Other		61,470		37,879		(16,594	)		82,755
Revenue from contracts with customers		894,614		1,665,249		(17,007	)		2,542,856
Other revenues		5,548		3,841		(429	)		8,960
Total revenues	$	900,162	$	1,669,090	$	(17,436	)	$	2,551,816

Timing of revenue recognition:
Services transferred at a point in time	$	30,454	$	—	$	—		$	30,454
Services transferred over time		864,160		1,665,249		(17,007	)		2,512,402
Revenue from contracts with customers	$	894,614	$	1,665,249	$	(17,007	)	$	2,542,856


Year ended December 31, 2021	Electric Utilities		Gas Utilities		Inter-company Revenues			Total
Customer types:	(in thousands)
Retail	$	711,448	$	913,725	$	—		$	1,625,173
Transportation		—		158,053		(428	)		157,625
Wholesale		30,848		—		—			30,848
Market - off-system sales		41,682		396		—			42,078
Transmission/Other		52,945		39,365		(17,200	)		75,110
Revenue from contracts with customers		836,923		1,111,539		(17,628	)		1,930,834
Other revenues		5,335		13,326		(393	)		18,268
Total revenues	$	842,258	$	1,124,865	$	(18,021	)	$	1,949,102

Timing of revenue recognition:
Services transferred at a point in time	$	27,141	$	—	$	—		$	27,141
Services transferred over time		809,782		1,111,539		(17,628	)		1,903,693
Revenue from contracts with customers	$	836,923	$	1,111,539	$	(17,628	)	$	1,930,834


Year ended December 31, 2020	Electric Utilities		Gas Utilities		Inter-company Revenues			Total
Customer types:	(in thousands)
Retail	$	636,902	$	765,922	$	—		$	1,402,824
Transportation		—		154,581		(526	)		154,055
Wholesale		24,845		—		—			24,845
Market - off-system sales		15,512		260		—			15,772
Transmission/Other		55,422		43,658		(15,772	)		83,308
Revenue from contracts with customers		732,681		964,421		(16,298	)		1,680,804
Other revenues		6,176		10,249		(288	)		16,137
Total revenues	$	738,857	$	974,670	$	(16,586	)	$	1,696,941

Timing of revenue recognition:
Services transferred at a point in time	$	27,089	$	—	$	—		$	27,089
Services transferred over time		705,592		964,421		(16,298	)		1,653,715
Revenue from contracts with customers	$	732,681	$	964,421	$	(16,298	)	$	1,680,804

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Property, Plant And Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

(5)

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment at December 31 consisted of the following (dollars in thousands):


	2022				2021				Lives (in years)
Electric Utilities	Property, Plant and Equipment			Weighted Average Useful Life (in years)	Property, Plant and Equipment			Weighted Average Useful Life (in years)	Minimum	Maximum
Electric plant:
Production	$	1,482,081		41	$	1,452,055		41	32	46
Electric transmission		632,872		48		546,126		49	40	51
Electric distribution		1,082,535		47		1,000,619		47	45	50
Integrated Generation		713,519		31		720,490		30	19	38
Plant acquisition adjustment (a)		4,870		32		4,870		32	32	32
General		274,857		27		266,935		28	24	31
Total electric plant in service		4,190,734				3,991,095
Construction work in progress		152,953				181,451
Total electric plant		4,343,687				4,172,546
Less accumulated depreciation and depletion		(1,104,056	)			(1,016,738	)
Electric plant net of accumulated depreciation and depletion	$	3,239,631			$	3,155,808

____________________

(a) The plant acquisition adjustment is included in rate base and is being recovered with 8 years remaining.


	2022				2021				Lives (in years)
Gas Utilities	Property, Plant and Equipment			Weighted Average Useful Life (in years)	Property, Plant and Equipment			Weighted Average Useful Life (in years)	Minimum	Maximum
Gas plant:
Production	$	17,843		45	$	14,841		40	24	47
Gas transmission		695,345		58		645,550		58	32	72
Gas distribution		2,620,174		57		2,394,352		53	48	60
Cushion gas - depreciable (a)		—		N/A		3,539		28	N/A	N/A
Cushion gas - not depreciable (a)		63,137		N/A		42,478		N/A	N/A	N/A
Storage		65,781		41		56,289		38	36	48
General		497,407		23		474,964		21	3	25
Total gas plant in service		3,959,687				3,632,013
Construction work in progress		52,041				37,860
Total gas plant		4,011,728				3,669,873
Less accumulated depreciation		(471,013	)			(389,115	)
Gas plant net of accumulated depreciation	$	3,540,715			$	3,280,758

____________________

(a) Depreciation of Cushion Gas is determined by the respective regulatory jurisdiction in which the Cushion Gas resides. In 2022, assets classified as Cushion gas - depreciable were fully depreciated and removed from gross plant in service and accumulated depreciation.


	2022				2021				Lives (in years)
Corporate	Property, Plant and Equipment			Weighted Average Useful Life (in years)	Property, Plant and Equipment			Weighted Average Useful Life (in years)	Minimum	Maximum
Total plant in service	$	5,685		11	$	5,694		10	4	24
Construction work in progress		13,690				8,460
Total gross property, plant and equipment		19,375				14,154
Less accumulated depreciation		(1,773	)			(1,544	)
Total net of accumulated depreciation	$	17,602			$	12,610

Jointly Owned Facilities

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Jointly Owned Facilities

(6)

JOINTLY OWNED FACILITIES

Our consolidated financial statements include our share of several jointly-owned facilities as described below. Our share of the facilities’ expenses is reflected in the appropriate categories of operating expenses in the Consolidated Statements of Income. Each owner of the facility is responsible for financing its investment in the jointly-owned facilities.

At December 31, 2022, our interests in jointly-owned generating facilities and transmission systems were (in thousands):


	Ownership Interest			Plant in Service		Construction Work in Progress		Less Accumulated Depreciation			Plant Net of Accumulated Depreciation
Wyodak Plant (a)		20	%	$	121,769	$	93	$	(70,884	)	$	50,978
Transmission Tie		35	%	$	24,482	$	300	$	(7,375	)	$	17,407
Wygen III (b)		52	%	$	143,818	$	1,051	$	(29,634	)	$	115,235
Wygen I (c)		76.5	%	$	114,811	$	1,579	$	(56,553	)	$	59,837

(a)

In addition to supplying South Dakota Electric with coal for its share of the Wyodak Plant, our mine supplies PacifiCorp’s share of the coal under a separate long-term agreement. This coal supply agreement is collateralized by a mortgage on and a security interest in some of WRDC’s coal reserves.

(b)

South Dakota Electric retains responsibility for plant operations. Our mine supplies fuel to Wygen III for the life of the plant.

(c)

Black Hills Wyoming retains responsibility for plant operations. Our mine supplies fuel to Wygen I for the life of the plant.

Asset Retirement Obligations:

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

(7)

ASSET RETIREMENT OBLIGATIONS

We have identified legal obligations related to reclamation of mining sites; removal of fuel tanks, transformers containing polychlorinated biphenyls, an evaporation pond; and reclamation of wind turbine sites at our Electric Utilities segment. In addition, we have identified legal obligations related to retirement of gas pipelines, wells and compressor stations at our Gas Utilities and removal of asbestos at our Utilities. We periodically review and update estimated costs related to these AROs. The actual cost may vary from estimates due to regulatory requirements, changes in technology and increased labor, materials and equipment costs.

The following tables present the details of AROs which are included on the accompanying Consolidated Balance Sheets in Other deferred credits and other liabilities (in thousands):


	December 31, 2021		Liabilities Incurred		Liabilities Settled			Accretion		Revisions to Prior Estimates			December 31, 2022
Electric Utilities	$	30,089	$	—	$	(3,003	)	$	1,353	$	(856	)	$	27,583
Gas Utilities (a)		45,455		—		(158	)		2,016		14,032			61,345
Total	$	75,544	$	—	$	(3,161	)	$	3,369	$	13,176		$	88,928


	December 31, 2020		Liabilities Incurred		Liabilities Settled			Accretion		Revisions to Prior Estimates		December 31, 2021
Electric Utilities	$	29,157	$	—	$	(978	)	$	1,315	$	595	$	30,089
Gas Utilities (a)		42,274		—		(66	)		1,733		1,514		45,455
Total	$	71,431	$	—	$	(1,044	)	$	3,048	$	2,109	$	75,544

(a)

The Revisions to Prior Estimates were primarily driven by changes in estimates associated with natural gas wells and compressor stations.

We also have legally required AROs related to certain assets within our electric transmission and distribution systems. These retirement obligations are pursuant to an easement or franchise agreement and are only required if we discontinue our utility service under such easement or franchise agreement. Accordingly, it is not possible to estimate a time period when these obligations could be settled, and therefore, a liability for the cost of these obligations cannot be measured at this time.

Financing

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Financing

(8)

FINANCING

Short-term debt

Revolving Credit Facility and CP Program

On July 19, 2021, we amended and restated our corporate Revolving Credit Facility, maintaining total commitments of $750 million and extending the term through July 19, 2026 with two one year extension options (subject to consent from lenders). This Revolving Credit Facility is similar to the former revolving credit facility, which includes an accordion feature that allows us to increase total commitments up to $1.0 billion with the consent of the administrative agent, the issuing agents and each bank increasing or providing a new commitment. Borrowings continue to be available under a base rate or various Eurodollar rate options. The interest costs associated with the letters of credit or borrowings and the commitment fee under the Revolving Credit Facility are determined based upon our Corporate credit rating from S&P, Fitch and Moody's for our senior unsecured long-term debt. Based on our current credit ratings, the margins for base rate borrowings, Eurodollar borrowings and letters of credit were 0.125%, 1.125% and 1.125%, respectively, at December 31, 2022. Based on our credit ratings, a 0.175% commitment fee was charged on the unused amount at December 31, 2022.

We have a $750 million, unsecured CP Program that is backstopped by the Revolving Credit Facility. Amounts outstanding under the Revolving Credit Facility and the CP Program, either individually or in the aggregate, cannot exceed $750 million. The notes issued under the CP Program may have maturities not to exceed 397 days from the date of issuance and bear interest (or are sold at par less a discount representing an interest factor) based on, among other things, the size and maturity date of the note, the frequency of the issuance and our credit ratings. Under the CP Program, any borrowings rank equally with our unsecured debt. Notes under the CP Program are not registered and are offered and issued pursuant to a registration exemption.

Our Revolving Credit Facility and CP Program, which are classified as Notes payable on the Consolidated Balance Sheets, had the following borrowings, outstanding letters of credit, and available capacity at December 31 (dollars in thousands):


	2022			2021
Amount outstanding	$	535,600		$	420,180
Letters of credit (a)		24,626			27,209
Available capacity		189,774			302,611
Weighted average interest rates		4.88	%		0.30	%

(a)

Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility.

Revolving Credit Facility and CP Program borrowing activity for the years ended December 31 was as follows (in thousands):


	2022			2021
Maximum amount outstanding (based on daily outstanding balances)	$	572,300		$	440,000
Average amount outstanding (based on daily outstanding balances)		390,653			258,392
Weighted average interest rates		2.11	%		0.22	%

Deferred Financing Costs on the Revolving Credit Facility

Total accumulated deferred financing costs on the Revolving Credit Facility of $8.9 million are being amortized over its estimated useful life and were included in Interest expense on the accompanying Consolidated Statements of Income. See below for additional details.

Term Loan

On February 24, 2021, we entered into a nine-month, $800 million unsecured term loan to provide additional liquidity and to meet our cash needs related to the incremental fuel, purchased power and natural gas costs from Winter Storm Uri. The term loan carried no prepayment penalty and was subject to the same covenant requirements as our Revolving Credit Facility. We repaid $200 million of this term loan in the first quarter of 2021. Proceeds from the August 26, 2021 public debt offering (discussed below) were used to repay the remaining balance on this term loan.

Long-term debt

Long-term debt outstanding was as follows (dollars in thousands):


		Interest Rate at	Balance Outstanding
	Due Date	December 31, 2022	December 31, 2022			December 31, 2021
Corporate
Senior unsecured notes due 2023	November 30, 2023	4.25%	$	525,000		$	525,000
Senior unsecured notes due 2024	August 23, 2024	1.04%		600,000			600,000
Senior unsecured notes due 2026	January 15, 2026	3.95%		300,000			300,000
Senior unsecured notes due 2027	January 15, 2027	3.15%		400,000			400,000
Senior unsecured notes, due 2029	October 15, 2029	3.05%		400,000			400,000
Senior unsecured notes, due 2030	June 15, 2030	2.50%		400,000			400,000
Senior unsecured notes due 2033	May 1, 2033	4.35%		400,000			400,000
Senior unsecured notes, due 2046	September 15, 2046	4.20%		300,000			300,000
Senior unsecured notes, due 2049	October 15, 2049	3.88%		300,000			300,000
Total Corporate debt				3,625,000			3,625,000
Less unamortized debt discount				(5,259	)		(6,125	)
Total Corporate debt, net				3,619,741			3,618,875
South Dakota Electric
First Mortgage Bonds due 2032	August 15, 2032	7.23%		75,000			75,000
First Mortgage Bonds due 2039	November 1, 2039	6.13%		180,000			180,000
First Mortgage Bonds due 2044	October 20, 2044	4.43%		85,000			85,000
Total South Dakota Electric debt				340,000			340,000
Less unamortized debt discount				(69	)		(74	)
Total South Dakota Electric debt, net				339,931			339,926
Wyoming Electric
Industrial development revenue bonds due 2027(a) (b)	March 1, 2027	3.68%		10,000			10,000
First Mortgage Bonds due 2037	November 20, 2037	6.67%		110,000			110,000
First Mortgage Bonds due 2044	October 20, 2044	4.53%		75,000			75,000
Total Wyoming Electric debt				195,000			195,000
Less unamortized debt discount				—			—
Total Wyoming Electric debt, net				195,000			195,000
Total long-term debt				4,154,672			4,153,801
Less current maturities				(525,000	)		—
Less unamortized deferred financing costs (c)				(22,332	)		(26,878	)
Long-term debt, net of current maturities and deferred financing costs			$	3,607,340		$	4,126,923

(a)

Variable interest rate.

(b)

A reimbursement agreement is in place with Wells Fargo on behalf of Wyoming Electric for the 2009A bonds of $10 million due March 1, 2027. In the case of default, we hold the assumption of liability for drawings on Wyoming Electric’s Letter of Credit attached to these bonds.

(c)

Includes deferred financing costs associated with our Revolving Credit Facility of $1.8 million and $2.5 million as of December 31, 2022 and December 31, 2021, respectively.

Scheduled maturities of long-term debt and associated interest payments by year are shown below (in thousands):


	Payments Due by Period
	2023		2024		2025		2026		2027		Thereafter		Total
Principal payments on Long-term debt including current maturities (a)	$	525,000	$	600,000	$	—	$	300,000	$	410,000	$	2,325,000	$	4,160,000
Interest payments on Long-term debt (a)		148,125		125,813		119,591		113,666		101,134		994,804		1,603,133

(a)

Long-term debt amounts do not include deferred financing costs or discounts or premiums on debt. Estimated interest payments on variable rate debt are calculated by utilizing the applicable rates as of December 31, 2022.

We plan to re-finance our $525 million, 4.25%, senior unsecured notes due November 30, 2023, at or before maturity date. In the event we are unable to refinance these senior unsecured notes, we have sufficient alternative measures available to manage cash flows such that our current plans to manage liquidity would be sufficient to meet our obligations in the foreseeable future.

Our debt securities contain certain restrictive financial covenants, all of which the Company and its subsidiaries were in compliance with at December 31, 2022. See below for additional information.

Substantially all of the tangible utility property of South Dakota Electric and Wyoming Electric is subject to the lien of indentures securing their first mortgage bonds. First mortgage bonds of South Dakota Electric and Wyoming Electric may be issued in amounts limited by property, earnings and other provisions of the mortgage indentures.

Debt Transactions

On August 26, 2021, we completed a public debt offering which consisted of $600 million, 1.037% three-year senior unsecured notes due August 23, 2024. The notes include an optional redemption provision and may be redeemed, in whole or in part, without premium, on or after February 23, 2022. The proceeds from the offering, which were net of $3.7 million of deferred financing costs, were used to repay amounts outstanding under our term loan entered into on February 24, 2021.

On June 17, 2020, we completed a public debt offering which consisted of $400 million of 2.50% 10-year senior unsecured notes due June 15, 2030. The proceeds were used to repay short-term debt and for working capital and general corporate purposes.

Amortization of Deferred Financing Costs

Our deferred financing costs and associated amortization expense included in Interest expense on the accompanying Consolidated Statements of Income were as follows (in thousands):


Deferred Financing Costs Remaining at		Amortization Expense for the years ended December 31,
December 31, 2022		2022		2021		2020
$	22,332	$	4,549	$	3,769	$	3,272

Debt Covenants

Revolving Credit Facility

Under our Revolving Credit Facility, we are required to maintain a Consolidated Indebtedness to Capitalization Ratio not to exceed 0.65 to 1.00. Subject to applicable cure periods, a violation of any of these covenants would constitute an event of default that entitles the lenders to terminate their remaining commitments and accelerate all principal and interest outstanding.

We were in compliance with our covenants at December 31, 2022 as shown below:


	As of December 31, 2022			Covenant Requirement
Consolidated Indebtedness to Capitalization Ratio		60.9	%	Less than	65	%

Wyoming Electric

Covenants within Wyoming Electric's financing agreements require Wyoming Electric to maintain a debt to capitalization ratio of no more than 0.60 to 1.00. As of December 31, 2022, we were in compliance with these financial covenants.

Dividend Restrictions

Our Revolving Credit Facility and other debt obligations contain restrictions on the payment of cash dividends when a default or event of default occurs.

Due to our holding company structure, substantially all of our operating cash flows are provided by dividends paid or distributions made by our subsidiaries. The cash to pay dividends to our shareholders is derived from these cash flows. As a result, certain statutory limitations or regulatory or financing agreements could affect the levels of distributions allowed to be made by our subsidiaries.

Our Utilities are generally limited to the amount of dividends allowed to be paid to our utility holding company under the Federal Power Act and settlement agreements with state regulatory jurisdictions. As of December 31, 2022, the amount of restricted net assets at our Utilities that may not be distributed to our utility holding company in the form of a loan or dividend was approximately $155 million.

South Dakota Electric and Wyoming Electric are generally limited to the amount of dividends allowed to be paid to our utility holding company under certain financing agreements.

Equity

At-the-Market Equity Offering Program

On August 3, 2020, we filed a shelf registration and DRSPP with the SEC. In conjunction with these shelf filings, we renewed the ATM. The renewed ATM program, which allows us to sell shares of our common stock, is the same as the prior program other than the aggregate value increased from $300 million to $400 million and a forward sales option was incorporated. This forward sales option allows us to sell our shares through the ATM program at the current trading price without actually issuing any shares to satisfy the sale until a future date. Under the ATM, shares may be offered from time to time pursuant to a sales agreement dated August 3, 2020. Shares of common stock are offered pursuant to our shelf registration statement filed with the SEC.

ATM activity for the years ended December 31 was as follows (net proceeds and issuance costs in millions):


	December 31, 2022		December 31, 2021		December 31, 2020
Number of shares issued		1,307,755		1,812,197		-
Average price per share	$	69.74	$	66.18	$	-
Proceeds, (net of issuance costs of $(0.9), $(1.1) and $0 respectively)	$	90.3	$	118.8	$	-

February 2020 Equity Issuance

On February 27, 2020, we issued 1.2 million shares of common stock to a single investor through an underwritten registered transaction at a price of $81.77 per share for proceeds of $99 million, net of $1.0 million of issuance costs. The shares of common stock were offered pursuant to our shelf registration statement filed with the SEC.

Shareholder Dividend Reinvestment and Stock Purchase Plan

We have a DRSPP under which shareholders may purchase additional shares of common stock through dividend reinvestment and/or optional cash payments at 100% of the recent average market price. We have the option of issuing new shares or purchasing the shares on the open market. We issued new shares until March 1, 2018, after which we began purchasing shares on the open market. At December 31, 2022, there were 74,198 shares of unissued stock available for future offering under the DRSPP.

Preferred Stock

Our articles of incorporation authorize the issuance of 25 million shares of preferred stock of which we had no shares of preferred stock outstanding as of December 31, 2022 and 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1C
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Risk Management And Derivatives

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management And Derivatives

(9)

RISK MANAGEMENT AND DERIVATIVES

Market and Credit Risk Disclosures

Our activities in the energy industry expose us to a number of risks in the normal operations of our businesses. Depending on the activity, we are exposed to varying degrees of market risk and credit risk. To manage and mitigate these identified risks, we have adopted the Black Hills Corporation Risk Policies and Procedures. Valuation methodologies for our derivatives are detailed within Note 1.

Market Risk

Market risk is the potential loss that may occur as a result of an adverse change in market price, rate or supply. We are exposed, but not limited to, the following market risks:

•

Commodity price risk associated with our retail natural gas and wholesale electric power marketing activities and our fuel procurement for several of our gas-fired generation assets, which include market fluctuations due to unpredictable factors such as the COVID-19 pandemic, weather (e.g. Winter Storm Uri), geopolitical events, market speculation, recession, inflation, pipeline constraints, and other factors that may impact natural gas and electric supply and demand; and

•

Interest rate risk associated with future debt, including reduced access to liquidity during periods of extreme capital markets volatility, such as the 2008 financial crisis and the COVID-19 pandemic.

Credit Risk

Credit risk is the risk of financial loss resulting from non-performance of contractual obligations by a counterparty.

We attempt to mitigate our credit exposure by conducting business primarily with high credit quality entities, setting tenor and credit limits commensurate with counterparty financial strength, obtaining master netting agreements and mitigating credit exposure with less creditworthy counterparties through parental guarantees, cash collateral requirements, letters of credit and other security agreements.

We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer’s current creditworthiness, as determined by review of their current credit information. We maintain a provision for estimated credit losses based upon historical experience, changes in current market conditions, expected losses and any specific customer collection issue that is identified. Our credit exposure at December 31, 2022 was concentrated primarily among retail utility customers, investment grade companies, cooperative utilities and federal agencies.

Derivatives and Hedging Activity

Our derivative and hedging activities included in the accompanying Consolidated Balance Sheets, Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Loss) are detailed below and within Note 10.

The operations of our Utilities, including natural gas sold by our Gas Utilities and natural gas used by our Electric Utilities’ generation plants or those plants under PPAs where our Electric Utilities must provide the generation fuel (tolling agreements), expose our utility customers to natural gas price volatility. Therefore, as allowed or required by state utility commissions, we have entered into commission approved hedging programs utilizing natural gas futures, options, over-the-counter swaps and basis swaps to reduce our customers’ underlying exposure to these fluctuations. These transactions are considered derivatives, and in accordance with accounting standards for derivatives and hedging, mark-to-market adjustments are recorded as Derivative assets or Derivative liabilities on the accompanying Consolidated Balance Sheets, net of balance sheet offsetting as permitted by GAAP.

For our regulated Utilities’ hedging plans, unrealized and realized gains and losses, as well as option premiums and commissions on these transactions are recorded as Regulatory assets or Regulatory liabilities in the accompanying Consolidated Balance Sheets in accordance with state regulatory commission guidelines. When the related costs are recovered through our rates, the hedging activity is recognized in the Consolidated Statements of Income.

We periodically have wholesale power purchase and sale contracts used to manage purchased power costs and load requirements associated with serving our electric customers that are considered derivative instruments due to not qualifying for the normal purchase and normal sales exception to derivative accounting. Changes in the fair value of these commodity derivatives are recognized in the Consolidated Statements of Income.

To support our Choice Gas Program customers, we buy, sell and deliver natural gas at competitive prices by managing commodity price risk. As a result of these activities, this area of our business is exposed to risks associated with changes in the market price of natural gas. We manage our exposure to such risks using over-the-counter and exchange traded options and swaps with counterparties in anticipation of forecasted purchases and sales during time frames ranging from January 2023 through December 2024. A portion of our over-the-counter swaps have been designated as cash flow hedges to mitigate the commodity price risk associated with deliveries under fixed price forward contracts to deliver gas to our Choice Gas Program customers. The gain or loss on these designated derivatives is reported in AOCI in the accompanying Consolidated Balance Sheets and reclassified into earnings in the same period that the underlying hedged item is recognized in earnings. Effectiveness of our hedging position is evaluated at least quarterly.

The contract or notional amounts and terms of the natural gas derivative commodity instruments held by our utilities are comprised of both short and long positions. We had the following net long positions as of:


		December 31, 2022				December 31, 2021
	Units	Notional Amounts		Maximum Term (months) (a)		Notional Amounts		Maximum Term (months) (a)
Natural gas futures purchased	MMBtus		630,000		3		590,000		3
Natural gas options purchased, net	MMBtus		1,790,000		3		3,100,000		3
Natural gas basis swaps purchased	MMBtus		900,000		3		870,000		3
Natural gas over-the-counter swaps, net (b)	MMBtus		4,460,000		24		4,570,000		34
Natural gas physical commitments, net (c)	MMBtus		17,864,412		12		16,416,677		24

(a)

Term reflects the maximum forward period hedged.

(b)

As of December 31, 2022, 1,646,200 MMBtus of natural gas over-the-counter swaps purchased were designated as cash flow hedges.

(c)

Volumes exclude derivative contracts that qualify for the normal purchase, normal sales exception permitted by GAAP.

We have certain derivative contracts which contain credit provisions. These credit provisions may require the Company to post collateral when credit exposure to the Company is in excess of a negotiated line of unsecured credit. At December 31, 2022, the Company posted $2.9 million related to such provisions, which is included in Other current assets on the Consolidated Balance Sheets.

Derivatives by Balance Sheet Classification

As required by accounting standards for derivatives and hedges, fair values within the following tables are presented on a gross basis aside from the netting of asset and liability positions. Netting of positions is permitted in accordance with accounting standards for offsetting and under terms of our master netting agreements that allow us to settle positive and negative positions.

The following tables present the fair value and balance sheet classification of our derivative instruments as of December 31, (in thousands):


	Balance Sheet Location	2022			2021
Derivatives designated as hedges:
Asset derivative instruments:
Current commodity derivatives	Derivative assets - current	$	118		$	2,017
Noncurrent commodity derivatives	Other assets, non-current		198			18
Liability derivative instruments:
Current commodity derivatives	Derivative liabilities - current		(1,703	)		—
Total derivatives designated as hedges		$	(1,387	)	$	2,035

Derivatives not designated as hedges:
Asset derivative instruments:
Current commodity derivatives	Derivative assets - current	$	464		$	2,356
Noncurrent commodity derivatives	Other assets, non-current		337			804
Liability derivative instruments:
Current commodity derivatives	Derivative liabilities - current		(4,897	)		(1,439	)
Noncurrent commodity derivatives	Other deferred credits and other liabilities		(18	)		(20	)
Total derivatives not designated as hedges		$	(4,114	)	$	1,701

Derivatives Designated as Hedge Instruments

The impact of cash flow hedges on our Consolidated Statements of Comprehensive Income and Consolidated Statements of Income is presented below for the years ended December 31, 2022, 2021 and 2020. Note that this presentation does not reflect the gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled.


	2022			2021		2020			2022			2021			2020
Derivatives in Cash Flow Hedging Relationships	Amount of Gain/(Loss) Recognized in OCI							Income Statement Location	Amount of Gain/(Loss) Reclassified from AOCI into Income
	(in thousands)								(in thousands)
Interest rate swaps	$	2,850		$	2,851	$	2,851	Interest expense	$	(2,850	)	$	(2,851	)	$	(2,851	)
Commodity derivatives		(3,532	)		1,952		540	Fuel, purchased power and cost of natural gas sold		2,708			2,051			(601	)
Total	$	(682	)	$	4,803	$	3,391		$	(142	)	$	(800	)	$	(3,452	)

As of December 31, 2022, $4.5 million of net losses related to our interest rate swaps and commodity derivatives are expected to be reclassified from AOCI into earnings within the next 12 months. As market prices fluctuate, estimated and actual realized gains or losses will change during future periods.

Derivatives Not Designated as Hedge Instruments

The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Consolidated Statements of Income for the years ended December 31, 2022, 2021 and 2020. Note that this presentation does not reflect the expected gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic gross profit we realized when the underlying physical and financial transactions were settled.


		2022			2021			2020
Derivatives Not Designated as Hedging Instruments	Income Statement Location	Amount of Gain/(Loss) on Derivatives Recognized in Income
		(in thousands)
Commodity derivatives - Electric	Fuel, purchased power and cost of natural gas sold	$	—		$	(144	)	$	144
Commodity derivatives - Natural Gas	Fuel, purchased power and cost of natural gas sold		(797	)		2,599			1,640
		$	(797	)	$	2,455		$	1,784

As discussed above, financial instruments used in our regulated Gas Utilities are not designated as cash flow hedges. However, there is no earnings impact because the unrealized gains and losses arising from the use of these financial instruments are recorded as Regulatory assets or Regulatory liabilities. The net unrealized losses included in a Regulatory asset related to these financial instruments used in our Gas Utilities were $8.8 million and $2.6 million at December 31, 2022 and 2021, respectively. For our Electric Utilities, the unrealized gains and losses arising from these derivatives are recognized in the Consolidated Statements of Income.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

Derivatives

The following tables set forth, by level within the fair value hierarchy, our gross assets and gross liabilities and related offsetting as permitted by GAAP that were accounted for at fair value on a recurring basis for derivative instruments.


	As of December 31, 2022
	Level 1		Level 2		Level 3		Cash Collateral and Counterparty Netting (a)			Total
	(in thousands)
Assets:
Commodity derivatives - Gas Utilities	$	—		5,407	$	—		(4,290	)	$	1,117
Total	$	—	$	5,407	$	—	$	(4,290	)	$	1,117

Liabilities:
Commodity derivatives - Gas Utilities	$	—		11,455	$	—		(4,837	)	$	6,618
Total	$	—	$	11,455	$	—	$	(4,837	)	$	6,618

(a)

As of December 31, 2022, $4.3 million of our commodity derivative gross assets and $4.8 million of our commodity derivative gross liabilities, as well as related gross collateral amounts, were subject to master netting agreements.


	As of December 31, 2021
	Level 1		Level 2		Level 3		Cash Collateral and Counterparty Netting (a)			Total
Assets:
Commodity derivatives - Gas Utilities	$	—		7,569	$	—	$	(2,374	)	$	5,195
Total	$	—	$	7,569	$	—	$	(2,374	)	$	5,195

Liabilities:
Commodity derivatives - Gas Utilities	$	—	$	3,273	$	—	$	(1,814	)	$	1,459
Total	$	—	$	3,273	$	—	$	(1,814	)	$	1,459

(a)

As of December 31, 2021, $2.4 million of our commodity derivative assets and $1.8 million of our commodity derivative liabilities, as well as related gross collateral amounts, were subject to master netting agreements.

Pension and Postretirement Plan Assets

A discussion of the fair value of our Pension and Postretirement Plan assets is included in Note 13.

Other Fair Value Measurements

The carrying amount of cash and cash equivalents, restricted cash and equivalents and short-term borrowings approximates fair value due to their liquid or short-term nature. Cash, cash equivalents and restricted cash are classified in Level 1 in the fair value hierarchy. Notes payable consist of commercial paper borrowings and are not traded on an exchange; therefore, they are classified as Level 2 in the fair value hierarchy.

The following table presents the carrying amounts and fair values of financial instruments not recorded at fair value on the Consolidated Balance Sheets at December 31 (in thousands):


	2022				2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current maturities (a)	$	4,132,340	$	3,760,848	$	4,126,923	$	4,570,619

(a)

Long-term debt is valued based on observable inputs available either directly or indirectly for similar liabilities in active markets and therefore is classified in Level 2 in the fair value hierarchy. Carrying amount of long-term debt is net of deferred financing costs.

Other Comprehensive Income

12 Months Ended

Dec. 31, 2022

Statement of Comprehensive Income [Abstract]

Other Comprehensive Income

OTHER COMPREHENSIVE INCOME

We record deferred gains (losses) in AOCI related to interest rate swaps designated as cash flow hedges, commodity contracts designated as cash flow hedges and the amortization of components of our defined benefit plans. Deferred gains (losses) for our commodity contracts designated as cash flow hedges are recognized in earnings upon settlement, while deferred gains (losses) related to our interest rate swaps are recognized in earnings as they are amortized.

The following table details reclassifications out of AOCI and into Net income. The amounts in parentheses below indicate decreases to Net income in the Consolidated Statements of Income for the period, net of tax (in thousands):


	Location on the Consolidated	Amount Reclassified from AOCI
	Statements of Income	December 31, 2022			December 31, 2021
Gains and (losses) on cash flow hedges:
Interest rate swaps	Interest expense	$	(2,850	)	$	(2,851	)
Commodity contracts	Fuel, purchased power and cost of natural gas sold		2,708			2,051
			(142	)		(800	)
Income tax	Income tax benefit (expense)		58			175
Total reclassification adjustments related to cash flow hedges, net of tax		$	(84	)	$	(625	)

Amortization of components of defined benefit plans:
Prior service cost	Operations and maintenance	$	93		$	98

Actuarial gain (loss)	Operations and maintenance		(751	)		(2,391	)
			(658	)		(2,293	)
Income tax	Income tax benefit (expense)		198			638
Total reclassification adjustments related to defined benefit plans, net of tax		$	(460	)	$	(1,655	)

Total reclassifications		$	(544	)	$	(2,280	)

Balances by classification included within AOCI, net of tax on the accompanying Consolidated Balance Sheets were as follows (in thousands):


	Derivatives Designated as Cash Flow Hedges
	Interest Rate Swaps			Commodity Derivatives			Employee Benefit Plans			Total
As of December 31, 2021	$	(10,384	)	$	1,476		$	(11,176	)	$	(20,084	)
Other comprehensive income (loss)
before reclassifications		—			(631	)		4,604			3,973
Amounts reclassified from AOCI		2,129			(2,045	)		460			544
As of December 31, 2022	$	(8,255	)	$	(1,200	)	$	(6,112	)	$	(15,567	)

	Derivatives Designated as Cash Flow Hedges
	Interest Rate Swaps			Commodity Derivatives			Employee Benefit Plans			Total
As of December 31, 2020	$	(12,558	)	$	2		$	(14,790	)	$	(27,346	)
Other comprehensive income (loss)
before reclassifications		—			3,023			1,959			4,982
Amounts reclassified from AOCI		2,174			(1,549	)		1,655			2,280
As of December 31, 2021	$	(10,384	)	$	1,476		$	(11,176	)	$	(20,084	)

Variable Interest Entity

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entity

(12)

VARIABLE INTEREST ENTITY

Black Hills Colorado IPP owns and operates a 200 MW, combined-cycle natural gas generating facility located in Pueblo, Colorado. In 2016, Black Hills Electric Generation sold a 49.9%, non-controlling interest in Black Hills Colorado IPP to a third-party buyer. Black Hills Electric Generation is the operator of the facility, which is contracted to provide capacity and energy through 2031 to Colorado Electric.

The accounting for a partial sale of a subsidiary in which control is maintained and the subsidiary continues to be consolidated is specified under ASC 810, Consolidation. The partial sale is required to be recorded as an equity transaction with no resulting gain or loss on the sale. GAAP requires that non-controlling interests in subsidiaries and affiliates be reported in the equity section of a company’s balance sheet.

Net income available for common stock for the years ended December 31, 2022, 2021 and 2020 was reduced by $12 million, $15 million, and $15 million, respectively, attributable to this non-controlling interest. The net income allocable to the non-controlling interest holder is based on ownership interest with the exception of certain agreed upon adjustments. Distributions of net income attributable to this non-controlling interest are due within 30 days following the end of a quarter but may be withheld as necessary by Black Hills Electric Generation.

Black Hills Colorado IPP has been determined to be a VIE in which the Company has a variable interest. Black Hills Electric Generation has been determined to be the primary beneficiary of the VIE as Black Hills Electric Generation is the operator and manager of the generation facility and, as such, has the power to direct the activities that most significantly impact Black Hills Colorado IPP’s economic performance. Black Hills Electric Generation, as the primary beneficiary, continues to consolidate Black Hills Colorado IPP. Black Hills Colorado IPP has not received financial or other support from the Company outside of pre-existing contractual arrangements during the reporting period. Black Hills Colorado IPP does not have any debt and its cash flows from operations are sufficient to support its ongoing operations.

We have recorded the following assets and liabilities on our Consolidated Balance Sheets related to the VIE described above as of December 31 (in thousands):


	2022		2021
Assets:
Current assets	$	12,761	$	13,220
Property, plant and equipment of variable interest entities, net	$	178,761	$	189,079

Liabilities:
Current liabilities	$	5,394	$	5,841

Employee Benefits Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

(13)

EMPLOYEE BENEFIT PLANS

Defined Contribution Plans

We sponsor a 401(k) retirement savings plan (the 401(k) Plan). Participants in the 401(k) Plan may elect to invest a portion of their eligible compensation in the 401(k) Plan up to the maximum amounts established by the IRS. The 401(k) Plan provides employees the opportunity to invest up to 50% of their eligible compensation on a pre-tax or after-tax basis.

The 401(k) Plan provides a Company matching contribution for all eligible participants. Certain eligible participants who are not currently accruing a benefit in the Pension Plan also receive a Company retirement contribution based on the participant’s age and years of service. Vesting of all Company and matching contributions occurs at 20% per year with 100% vesting when the participant has 5 years of service with the Company.

Defined Benefit Pension Plan

We have one defined benefit pension plan, the Black Hills Retirement Plan (Pension Plan). The Pension Plan covers certain eligible employees of the Company. The benefits for the Pension Plan are based on years of service and calculations of average earnings during a specific time period prior to retirement. The Pension Plan is closed to new employees and frozen for certain employees who did not meet age and service-based criteria.

The Pension Plan assets are held in a Master Trust. Our Board of Directors has approved the Pension Plan’s investment policy. The objective of the investment policy is to manage assets in such a way that will allow the eventual settlement of our obligations to the Pension Plan’s beneficiaries. To meet this objective, our pension assets are managed by an outside adviser using a portfolio strategy that will provide liquidity to meet the Pension Plan’s benefit payment obligations. The Pension Plan’s assets consist primarily of equity, fixed income and hedged investments.

The expected rate of return on the Pension Plan assets is determined by reviewing the historical and expected returns of both equity and fixed income markets, taking into account asset allocation, the correlation between asset class returns and the mix of active and passive investments. The Pension Plan utilizes a dynamic asset allocation where the target range to return-seeking and liability-hedging assets is determined based on the funded status of the Plan. As of December 31, 2022, the expected rate of return on pension plan assets was based on the targeted asset allocation range of 20% to 28% return-seeking assets and 72% to 80% liability-hedging assets.

Our Pension Plan is funded in compliance with the federal government’s funding requirements.

Plan Assets

The percentages of total plan asset by investment category for our Pension Plan at December 31 were as follows:


Return-seeking Assets	2022	2021
Equity	14%	15%
Real estate	7%	7%
Fixed income	2%	3%
Hedge funds	3%	3%
Total	26%	28%

Liability-hedging Assets	2022	2021
Fixed income	72%	71%
Cash	2%	1%
Total	74%	72%

Total Assets	100%	100%

Supplemental Non-qualified Defined Benefit Plans

We have various supplemental retirement plans for key executives of the Company. The plans are non-qualified defined benefit and defined contribution plans (Supplemental Plans). The Supplemental Plans are subject to various vesting schedules and are funded on a cash basis as benefits are paid.

Non-pension Defined Benefit Postretirement Healthcare Plan

BHC sponsors a retiree healthcare plan (Healthcare Plan) for employees who meet certain age and service requirements at retirement. Healthcare Plan benefits are subject to premiums, deductibles, co-payment provisions and other limitations. A portion of the Healthcare Plan for participating business units are pre-funded via VEBA trusts. Pre-65 retirees as well as a grandfathered group of post-65 retirees receive their retiree medical benefits through the Black Hills self-insured retiree medical plans.

Healthcare coverage for post-65 Medicare-eligible retirees is provided through an individual market healthcare exchange.

We fund the Healthcare Plan on a cash basis as benefits are paid. The Healthcare Plan provides for partial pre-funding via VEBA trusts. Assets related to this pre-funding are held in trust and are for the benefit of the union and non-union employees located in the states of Arkansas, Iowa and Kansas. We do not pre-fund the Healthcare Plan for those employees outside Arkansas, Iowa and Kansas.

Plan Contributions

Contributions to the Pension Plan are cash contributions made directly to the Master Trust. Healthcare and Supplemental Plan contributions are made in the form of benefit payments. Healthcare benefits include company and participant paid premiums.

Contributions for the years ended December 31 were as follows (in thousands):


	2022		2021
Defined Contribution Plan
Company retirement contributions	$	11,885	$	11,332
Company matching contributions	$	16,187	$	15,938


	2022		2021
Defined Benefit Plans
Defined Benefit Pension Plan	$	-	$	-
Non-Pension Defined Benefit Postretirement Healthcare Plan	$	6,131	$	6,432
Supplemental Non-Qualified Defined Benefit Plans	$	3,061	$	2,576

We do not have any required contributions to our Pension Plan in 2023 and do not intend to make any contributions.

Fair Value Measurements

The following tables set forth, by level within the fair value hierarchy, the assets that were accounted for at fair value on a recurring basis (in thousands):


Pension Plan	December 31, 2022
	Level 1		Level 2		Level 3		Total Investments Measured at Fair Value		NAV (a)		Total Investments
Common Collective Trust - Cash and Cash Equivalents	$	-	$	6,374	$	-	$	6,374	$	-	$	6,374
Common Collective Trust - Equity		-		45,087		-		45,087		-		45,087
Common Collective Trust - Fixed Income		-		242,025		-		242,025		-		242,025
Common Collective Trust - Real Estate		-		-		-		-		21,572		21,572
Hedge Funds		-		-		-		-		8,084		8,084
Total investments measured at fair value	$	-	$	293,486	$	-	$	293,486	$	29,656	$	323,142


Pension Plan	December 31, 2021
	Level 1		Level 2		Level 3		Total Investments Measured at Fair Value		NAV (a)		Total Investments
Common Collective Trust - Cash and Cash Equivalents	$	-	$	6,009	$	-	$	6,009	$	-	$	6,009
Common Collective Trust - Equity		-		70,262		-		70,262		-		70,262
Common Collective Trust - Fixed Income		-		339,219		-		339,219		-		339,219
Common Collective Trust - Real Estate		-		-		-		-		30,407		30,407
Hedge Funds		-		-		-		-		12,490		12,490
Total investments measured at fair value	$	-	$	415,490	$	-	$	415,490	$	42,897	$	458,387

(a)

Certain investments that are measured at fair value using NAV per share (or its equivalent) for practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the reconciliation of changes in the plan’s benefit obligations and fair value of plan assets above.


Non-pension Defined Benefit Postretirement Healthcare Plan	December 31, 2022
	Level 1		Level 2		Level 3		Total Investments Measured at Fair Value		Total Investments
Cash and Cash Equivalents	$	7,752	$	-	$	-	$	7,752	$	7,752
Total investments measured at fair value	$	7,752	$	-	$	-	$	7,752	$	7,752


Non-pension Defined Benefit Postretirement Healthcare Plan	December 31, 2021
	Level 1		Level 2		Level 3		Total Investments Measured at Fair Value		Total Investments
Cash and Cash Equivalents	$	7,972	$	-	$	-	$	7,972	$	7,972
Total investments measured at fair value	$	7,972	$	-	$	-	$	7,972	$	7,972

Additional information about assets of the benefit plans, including methods and assumptions used to estimate the fair value of these assets, is as follows:

Pension Plan

Common Collective Trust Funds: These funds are valued based upon the redemption price of units held by the Pension Plan, which is based on the current fair value of the common collective trust funds’ underlying assets. Unit values are determined by the financial institution sponsoring such funds by dividing the fund’s net assets at fair value by its units outstanding at the valuation dates. The Pension Plan’s investments in common collective trust funds, with the exception of shares of the common collective trust-real estate are categorized as Level 2.

The following investments are measured at NAV and are not classified in the fair value hierarchy, in accordance with accounting guidance:

Common Collective Trust-Real Estate Funds: These funds are valued based on various factors of the underlying real estate properties, including market rent, market rent growth, occupancy levels, etc. As part of the trustee’s valuation process, properties are externally appraised generally on an annual basis. The appraisals are conducted by reputable independent appraisal firms and signed by appraisers that are members of the Appraisal Institute, with professional designation of Member, Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. We receive monthly statements from the trustee, along with the annual schedule of investments and rely on these reports for pricing the units of the fund.

Hedge Funds: These funds represent investments in other investment funds that seek a return utilizing a number of diverse investment strategies. The strategies, when combined, aim to reduce volatility and risk while attempting to deliver positive returns under all market conditions. Amounts are reported on a one-month lag. The fair value of hedge funds is determined using net asset value per share based on the fair value of the hedge fund’s underlying investments. 10% of the shares may be redeemed at the end of each month with a 15-day notice and full redemptions are available at the end of each quarter with 60-day notice and is limited to a percentage of the total net assets value of the fund. The net asset values are based on the fair value of each fund’s underlying investments. There are no unfunded commitments related to these hedge funds.

Non-pension Defined Benefit Postretirement Healthcare Plan

Cash and Cash Equivalents: This represents an investment in Northern Institutional Government Assets Portfolio, which is a government money market fund. As shares held reflect quoted prices in an active market, they are categorized as Level 1.

Other Plan Information

The following tables provide a reconciliation of the employee benefit plan obligations and fair value of employee benefit plan assets, amounts recognized in the Consolidated Balance Sheets, accumulated benefit obligation, and reconciliation of components of the net periodic expense and elements of AOCI (in thousands):

Employee Benefit Plan Obligations


	Defined Benefit Pension Plan						Supplemental Non-qualified Defined Benefit Plans						Non-pension Defined Benefit Postretirement Healthcare Plan
As of December 31,	2022			2021			2022			2021			2022			2021
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	478,262		$	514,008		$	55,260		$	55,054		$	63,484		$	70,238
Service cost (a)		3,927			5,038			(801	)		3,149			1,968			2,237
Interest cost		10,819			9,313			834			706			1,285			1,058
Actuarial (gain) loss		(97,960	)		(14,037	)		(7,007	)		(1,073	)		(12,300	)		(5,165	)
Amendments		-			(561	)		-			-			-			-
Benefits paid		(36,663	)		(35,499	)		(3,061	)		(2,576	)		(6,131	)		(6,432	)
Plan participants’ contributions		-			-			-			-			1,419			1,548
Projected benefit obligation at end of year	$	358,385		$	478,262		$	45,225		$	55,260		$	49,725		$	63,484

Fair Value Employee Benefit Plan Assets


	Defined Benefit Pension Plan						Supplemental Non-qualified Defined Benefit Plans						Non-pension Defined Benefit Postretirement Healthcare Plan (a)
As of December 31,	2022			2021			2022			2021			2022			2021
Change in fair value of plan assets:
Beginning fair value of plan assets	$	458,387		$	473,721		$	-		$	-		$	7,972		$	8,165
Investment income (loss)		(98,585	)		20,165			-			-			4			(35	)
Employer contributions		-			-			3,061			2,576			4,488			4,726
Retiree contributions		-			-			-			-			1,419			1,548
Benefits paid		(36,661	)		(35,499	)		(3,061	)		(2,576	)		(6,131	)		(6,432	)
Ending fair value of plan assets	$	323,141		$	458,387		$	-		$	-		$	7,752		$	7,972

(a)

Assets of VEBA trusts.

In 2012, we froze our Pension Plan and closed it to new participants. Since then, we have implemented various de-risking strategies including lump sum buyouts, the purchase of annuities and the reduction of return-seeking assets over time to a more liability-hedged portfolio. As a result, capital markets volatility had a limited impact to our unfunded status.

Amounts Recognized in the Consolidated Balance Sheets


	Defined Benefit Pension Plan				Supplemental Non-qualified Defined Benefit Plans				Non-pension Defined Benefit Postretirement Healthcare Plan
As of December 31,	2022		2021		2022		2021		2022		2021
Regulatory assets	$	78,654	$	67,403	$	-	$	-	$	3,788	$	11,660
Current liabilities	$	-	$	-	$	2,231	$	2,156	$	4,427	$	4,584
Non-current assets	$	-	$	-	$	-	$	-	$	959	$	-
Non-current liabilities	$	35,243	$	19,872	$	42,994	$	53,104	$	38,505	$	50,949
Regulatory liabilities	$	2,804	$	3,830	$	-	$	-	$	6,198	$	2,447

Accumulated Benefit Obligation


	Defined Benefit Pension Plan				Supplemental Non-qualified Defined Benefit Plans				Non-pension Defined Benefit Postretirement Healthcare Plan
As of December 31,	2022		2021		2022		2021		2022		2021
Accumulated Benefit Obligation	$	350,187	$	466,505	$	45,225	$	55,260	$	49,725	$	63,484

Components of Net Periodic Expense


	Defined Benefit Pension Plan									Supplemental Non-qualified Defined Benefit Plans							Non-pension Defined Benefit Postretirement Healthcare Plan
For the years ended December 31,	2022			2021			2020			2022			2021		2020		2022			2021			2020
Service cost	$	3,927		$	5,038		$	5,411		$	(801	)	$	3,149	$	1,579	$	1,968		$	2,237		$	2,056
Interest cost		10,819			9,313			13,426			834			706		1,099		1,285			1,058			1,649
Expected return on assets		(18,523	)		(20,876	)		(22,591	)		-			-		-		(125	)		(136	)		(182	)
Net amortization of prior service cost		(68	)		-			-			-			-		2		(289	)		(434	)		(546	)
Recognized net actuarial loss (gain)		6,092			7,315			8,372			276			1,754		1,702		64			466			20
Net periodic expense	$	2,247		$	790		$	4,618		$	309		$	5,609	$	4,382	$	2,903		$	3,191		$	2,997

Service costs are recorded in Operations and maintenance expense while nonservice costs were recorded in Other expense on the Consolidated Statements of Income.

Actuarial gains and losses are amortized using a straight-line method over the average remaining service period of active plan participants or over the average remaining lifetime of the remaining plan participants if the plan is viewed as “all or almost all” inactive participants.

AOCI Amounts (After-Tax)


	Defined Benefit Pension Plan						Supplemental Non-qualified Defined Benefit Plans				Non-pension Defined Benefit Postretirement Healthcare Plan
As of December 31,	2022			2021			2022		2021		2022			2021
Net (gain) loss	$	5,179		$	4,398		$	1,565	$	7,159	$	(667	)	$	(308	)
Prior service cost (gain)		(39	)		(46	)		-		-		74			(27	)
Total amounts included in AOCI, after-tax not yet recognized as components of net periodic expense	$	5,140		$	4,352		$	1,565	$	7,159	$	(593	)	$	(335	)

Assumptions


	Defined Benefit Pension Plan									Supplemental Non-qualified Defined Benefit Plans									Non-pension Defined Benefit Postretirement Healthcare Plan
Weighted-average assumptions used to determine benefit obligations:	2022			2021			2020			2022			2021			2020			2022			2021			2020
Discount rate		5.17	%		2.88	%		2.56	%		5.13	%		2.77	%		2.41	%		5.14	%		2.79	%		2.41	%
Rate of increase in compensation levels		3.06	%		3.08	%		3.34	%		—			5.00	%		5.00	%	N/A			N/A			N/A


	Defined Benefit Pension Plan									Supplemental Non-qualified Defined Benefit Plans									Non-pension Defined Benefit Postretirement Healthcare Plan
Weighted-average assumptions used to determine net periodic benefit cost for plan year:	2022			2021			2020			2022			2021			2020			2022			2021			2020
Discount rate (a)		2.88	%		2.56	%		3.27	%		2.77	%		2.41	%		3.14	%		2.79	%		2.41	%		3.15	%
Expected long-term rate of return on assets (b)		4.25	%		4.50	%		5.25	%	N/A			N/A			N/A				1.70	%		1.80	%		2.35	%
Rate of increase in compensation levels		3.08	%		3.34	%		3.49	%		—			5.00	%		5.00	%	N/A			N/A			N/A

(a)

The estimated discount rate for the Defined Benefit Pension Plan is 5.2% for the calculation of the 2023 net periodic pension costs.

(b)

The expected rate of return on plan assets for the Defined Benefit Pension Plan is 6.0% for the calculation of the 2023 net periodic pension cost.

The healthcare benefit obligation at December 31 was determined as follows:


	2022			2021
Trend Rate - Medical
Pre-65 for next year - All Plans		7.00	%		6.05	%
Pre-65 Ultimate trend rate - Black Hills Corp		4.50	%		4.50	%
Trend Year	2031			2030

Post-65 for next year - All Plans		6.00	%		5.10	%
Post-65 Ultimate trend rate - Black Hills Corp		4.50	%		4.50	%
Trend Year	2031			2030

The following benefit payments to employees, which reflect future service, are expected to be paid (in thousands):


	Defined Benefit Pension Plan		Supplemental Non-qualified Defined Benefit Plans		Non-pension Defined Benefit Postretirement Healthcare Plan
2023	$	26,889	$	2,231	$	5,600
2024	$	26,882	$	2,417	$	5,313
2025	$	27,870	$	2,764	$	5,022
2026	$	28,182	$	2,790	$	4,883
2027	$	28,166	$	2,727	$	4,769
2028 -2032	$	140,416	$	12,184	$	21,147

- Definition

The entire disclosure for retirement benefits.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-based Compensation Plans

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share-based Compensation Plans

SHARE-BASED COMPENSATION PLANS

On April 26, 2022, our shareholders approved the Amended and Restated 2015 Omnibus Incentive Plan (the "Amended Plan"), which was adopted by our Board of Directors and became effective on February 24, 2022. The Amended Plan increased the number of shares available for issuance under the 2015 Plan from 1,200,000 to a total of 2,900,000. The Amended Plan allows for the granting of stock, restricted stock, restricted stock units, stock options, performance shares and performance share units. We had 2,213,716 shares available to grant at December 31, 2022.

Compensation expense is determined using the grant date fair value estimated in accordance with the provisions of accounting standards for stock compensation and is recognized over the vesting periods of the individual awards. As of December 31, 2022, total unrecognized compensation expense related to non-vested stock awards was approximately $12 million and is expected to be recognized over a weighted-average period of 1.7 years. Stock-based compensation expense, which is included in Operations and maintenance on the accompanying Consolidated Statements of Income, was as follows for the years ended December 31 (in thousands):


	2022		2021		2020
Stock-based compensation expense	$	8,551	$	9,655	$	5,373

Restricted Stock

The fair value of restricted stock and restricted stock unit awards equals the market price of our stock on the date of grant.

The shares carry a restriction on the ability to sell the shares until the shares vest. The shares substantially vest over three years, contingent on continued employment. Compensation expense related to the awards is recognized over the vesting period.

A summary of the status of the restricted stock and restricted stock units at December 31, 2022, was as follows:


	Restricted Stock			Weighted-Average Grant Date Fair Value
	(in thousands)
Balance at January 1, 2022		219		$	67.64
Granted		70			69.03
Vested		(94	)		69.64
Forfeited		(16	)		66.03
Balance at December 31, 2022		179		$	67.23

The weighted-average grant-date fair value of restricted stock granted, and the total fair value of shares vested during the years ended December 31, were as follows:


	Weighted-Average Grant Date Fair Value		Total Fair Value of Shares Vested
			(in thousands)
2022	$	69.03	$	6,436
2021	$	65.64	$	5,400
2020	$	69.49	$	6,722

As of December 31, 2022, there was $7.5 million of unrecognized compensation expense related to non-vested restricted stock that is expected to be recognized over a weighted-average period of 1.7 years.

Performance Share Plan

Prior to 2021, certain officers of the Company and its subsidiaries became participants in a market-based performance share award plan. Performance shares are awarded based on our total shareholder return over designated performance periods as measured against a selected peer group. In addition, certain stock price performance must be achieved for a payout to occur. The final value of the performance shares will vary according to the number of shares of common stock that are ultimately granted based upon the actual level of attainment of the performance criteria.

These performance awards are paid 50% in cash and 50% in common stock. The cash portion accrued is classified as a liability and the stock portion is classified as equity. In the event of a change-in-control, performance awards are paid 100% in cash. If it is determined that a change-in-control is probable, the equity portion of $1.4 million at December 31, 2022 would be reclassified as a liability.

The outstanding performance periods at December 31, 2022 were as follows (shares in thousands):


				Possible Payout Range of Target
Grant Date	Performance Period	Target Grant of Shares		Minimum	Maximum
January 1, 2020	January 1, 2020 - December 31, 2022		36	0%	200%

A summary of the status of the Performance Share Plan at December 31, 2022 was as follows:


	Equity Portion					Liability Portion
				Weighted-Average Grant Date					Weighted-Average Fair Value at
	Shares			Fair Value (a)		Shares			December 31, 2022
	(in thousands)					(in thousands)
Performance Shares balance at beginning of period		36		$	68.14		36
Granted		—			—		—
Forfeited		—			—		—
Vested		(18	)		68.72		(18	)
Performance Shares balance at end of period		18		$	81.42		18		$	32.74

(a)

The grant date fair values for the performance shares granted in 2020 were determined by Monte Carlo simulation using a blended volatility of 18%, comprised of 50% historical volatility and 50% implied volatility and the average risk-free interest rate of the three-year United States Treasury security rate in effect as of the grant date.

The weighted-average grant-date fair value of performance share awards granted was as follows in the years ended:


	Weighted Average Grant Date Fair Value
December 31, 2020	$	81.42

Performance plan payouts have been as follows (in thousands):


Performance Period	Year Paid	Stock Issued		Cash Paid		Total Intrinsic Value
January 1, 2019 to December 31, 2021	2022		8	$	519	$	1,038
January 1, 2018 to December 31, 2020	2021		28	$	1,647	$	3,294
January 1, 2017 to December 31, 2019	2020		14	$	1,100	$	2,199

On January 25, 2023, the Compensation Committee of our Board of Directors determined that the Company’s total shareholder return for the January 1, 2020 to December 31, 2022 performance period was at the 26th percentile of its peer group and confirmed a payout equal to 27% of target shares, valued at $0.7 million. The payout was fully accrued at December 31, 2022.

Performance Share Units

Beginning in 2021, certain officers of the Company, and its subsidiaries, were granted performance share units which have a three-year vesting period, do not have voting rights until vested, and are subject to three specified conditions. A market condition of relative total shareholder return, and two equally weighted performance metrics of average earnings per share and the average cost to serve. The units are paid 100% in common stock should conditions be met and can range from 0% to 200% of the target award. Dividend equivalents are accrued during the vesting period and paid out based on the final number of shares awarded. In the event of participant’s death or retirement at age 55 or older, shares awarded vest on a pro-rata basis over the three-year period.

Performance Share Units - Market Condition

The fair value of each share unit is based on the Company’s closing price at December 31 of the year prior to the award and a Monte Carlo simulation. The Monte Carlo simulation is used to estimate expected share payout based on the Company’s TSR for a three-year performance period relative to the designated peer group beginning January 1 of the award year.


	2022	2021
Fair value of share units award	74.48	64.97
Three-year risk-free rate	0.97%	0.17%
Black Hills Corporation’s common stock volatility	30%	33%
Volatility range for the peer group	22-67%	25-76%

Performance Share Units - Performance Condition

A performance condition share unit vests at the end of the three-year performance period if the specified performance conditions are achieved. The conditions are based on the Company’s average earnings per share and the average cost to serve. The grant-date fair value for an individual outcome of a performance condition is determined by the closing common share price on the grant date.

The following table summarizes the performance share unit activity for the year ended December 31, 2022:


	Performance Share Units - Market Condition				Performance Share Units - Performance Condition
	Share Units		Weighted-Average Fair Value per Share Unit		Share Units		Weighted-Average Fair Value per Share Unit
Nonvested at January 1, 2022		32,903	$	64.97		21,948	$	61.45
Granted		35,571		74.48		23,718		70.57
Nonvested at December 31, 2022		68,474	$	69.91		45,666	$	66.19

As of December 31, 2022, there was $4.1 million of unrecognized compensation expense related to outstanding performance share/unit plans that is expected to be recognized over a weighted-average period of 1.7 years.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

(15)

INCOME TAXES

Winter Storm Uri

As discussed in Note 2 above, our Utilities received final commission approval for all of our Winter Storm Uri cost recovery applications, which will allow full recovery of our $546 million of incremental fuel, purchased power and natural gas costs. We will recover these costs from customers over several years, which will increase our taxable income on our tax returns by the amounts collected for each respective year. The incremental costs from Winter Storm Uri were deductible in our 2021 tax return and created a net deferred tax liability, which had balances as of December 31, 2022 and 2021 of $85 million and $124 million, respectively. The deferred tax liability is reversed with the same timing as the costs are recovered from our customers.

The income tax deduction recognized from Winter Storm Uri created a $509 million NOL in our 2021 federal income tax return and a $375 million NOL in our state income tax returns. Our federal NOL carryforwards related to Winter Storm Uri and other recent adjustments no longer expire due to the TCJA; however, our state NOL carryforwards expire at various dates from 2023 to 2041. We do not anticipate material changes to our valuation allowance against the state NOL carryforwards from Winter Storm Uri. Therefore, we did not record an additional valuation allowance against the state NOL carryforwards as of December 31, 2022 and 2021.

TCJA

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the TCJA. The TCJA reduced the U.S. federal corporate tax rate from 35% to 21%. As such, the Company remeasured the deferred income taxes at the 21% federal tax rate as of December 31, 2017. The entities subject to regulatory construct have made their best estimate regarding the probability of settlements of net regulatory liabilities established pursuant to the TCJA. The amount of the settlements may change based on decisions and actions by the federal and state utility commissions, which could have a material impact on the Company’s future results of operations, cash flows or financial position. A majority of the excess deferred taxes are subject to the average rate assumption method, as prescribed by the IRS, and will generally be amortized as a reduction of customer rates over the remaining lives of the related assets. For the years ended December 31, 2022, 2021 and 2020, respectively, the Company has amortized, or provided bill credits for, $11 million, $23 million and $13 million of the regulatory liability. The portion that was eligible for amortization under the average rate assumption method in 2021 but is awaiting resolution of the treatment of these amounts in future regulatory proceedings has not been recognized and may be refunded in customer rates at any time in accordance with the resolution of pending or future regulatory proceedings.

Beginning in 2022, the TJCA modified IRC 174 which changes how taxpayers account for research and development costs. After the IRC 174 modification, taxpayers must amortize specified research and experimental expenditures performed in the United States ratably over five years instead of deducting research and experimental expenditures. This modification did not have a material impact for the year ended December 31, 2022.

Income Tax Expense (Benefit)

Income tax expense (benefit) from continuing operations for the years ended December 31 was (in thousands):


	2022			2021			2020
Current:
Federal	$	(467	)	$	574		$	(6,020	)
State		80			(666	)		847
Current income tax (benefit)		(387	)		(92	)		(5,173	)
Deferred:
Federal		23,205			2,170			35,672
State		2,387			5,091			2,419
Deferred income tax expense		25,592			7,261			38,091

Income tax expense	$	25,205		$	7,169		$	32,918

Effective Tax Rates

The effective tax rate differs from the federal statutory rate for the years ended December 31, as follows:


	2022			2021			2020
Federal statutory rate		21.0	%		21.0	%		21.0	%
State income tax (net of federal tax effect) (a)		0.5			1.2			2.4
Non-controlling interest (b)		(0.9	)		(1.2	)		(1.2	)
Tax credits		(7.7	)		(8.4	)		(9.2	)
Flow-through adjustments (c)		(1.4	)		(3.2	)		(1.6	)
Uncertain Tax Benefits		—			0.3			1.5
Valuation Allowance		—			—			0.7
Other tax differences		(0.1	)		(0.2	)		0.6
Amortization of excess deferred income tax expense (d)		(2.5	)		(3.1	)		(2.3	)
TCJA bill credits (e)		(0.4	)		(3.6	)		—
Effective Tax Rate		8.5	%		2.8	%		11.9	%

(a)

The state effective tax rate contains the tax expense attributable to multiple statutory state rate reductions in the Company's state jurisdictions.

(b)

The effective tax rate reflects the income attributable to the non-controlling interest in Black Hills Colorado IPP for which a tax provision was not recorded.

(c)

Flow-through adjustments related primarily to accounting method changes for tax purposes that allow us to take a current tax deduction for repair costs, certain indirect costs and gain deferral. We recorded a deferred income tax liability in recognition of the temporary difference created between book and tax treatment and flowed the tax benefit through to tax expense. A regulatory asset was established to reflect the recovery of future increases in taxes payable from customers as the temporary differences reverse. As a result of this regulatory treatment, we continue to record tax benefits consistent with the flow-through method.

(d)

Primarily TCJA - see above.

(e)

Primarily related to one-time bill credits of TCJA benefits which were delivered to Colorado Electric and Nebraska Gas customers in 2021. These bill credits, which resulted in a reduction in revenue, were offset by a reduction in income tax expense and resulted in a minimal impact to Net income for the year ended December 31, 2021.

Deferred Tax Assets and Liabilities

The temporary differences, which gave rise to the net deferred tax liability, for the years ended December 31 were as follows (in thousands):


	2022			2021
Deferred tax assets:
Regulatory liabilities	$	74,728		$	77,099
State tax credits		22,817			23,342
Federal NOL		191,992			227,535
State NOL		23,031			33,639
Partnership		12,755			13,395
Credit Carryovers		90,881			68,646
Other deferred tax assets		45,407			31,996
Less: Valuation allowance		(15,476	)		(14,719	)
Total deferred tax assets		446,135			460,933

Deferred tax liabilities:
Accelerated depreciation, amortization and other property-related differences		(645,762	)		(597,284	)
Regulatory assets		(94,433	)		(124,582	)
Goodwill		(57,884	)		(45,471	)
State deferred tax liability		(98,200	)		(109,136	)
Other deferred tax liabilities		(58,797	)		(49,848	)
Total deferred tax liabilities		(955,076	)		(926,321	)

Net deferred tax liability	$	(508,941	)	$	(465,388	)

Net Operating Loss and Tax Credit Carryforwards

At December 31, 2022, we have federal NOL and state NOL and tax credit carryforwards that will expire at various dates as follows (in thousands):


	Amounts		Expiration Dates
Federal NOL Carryforward	$	330,085	2023 to 2037
Federal NOL Carryforward	$	584,161	No expiration

State NOL Carryforward (a)	$	408,269	2023 to 2041
State Tax Credit Carryforward	$	22,817	2023 to 2041

(a)

The carryforward balance is reflected on the basis of apportioned tax losses to jurisdictions imposing state income taxes.

As of December 31, 2022, we had a $1.1 million valuation allowance against the state NOL carryforwards. Our 2022 analysis of the ability to utilize such NOLs resulted in no increase in the valuation allowance. If the valuation allowance is adjusted due to higher or lower than anticipated utilization of the NOLs, the offsetting amount will affect tax expense.

As of December 31, 2022, we had a $14 million valuation allowance against the state ITC carryforwards. Our 2022 analysis of the ability to utilize such ITC resulted in a $0.8 million increase in the valuation allowance, which resulted in an increase to tax expense of $0.6 million. The remaining $0.2 million increase is attributable to our regulated business and is being accounted for under the deferral method whereby the credits are amortized to expense over the estimated useful life of the underlying asset that generated the credit. The valuation allowance adjustment was primarily attributable to expiring state ITC credits.

Unrecognized Tax Benefits

The following table reconciles the total amounts of unrecognized tax benefits, without interest, at the beginning and end of the period included in Other deferred credits and other liabilities on the accompanying Consolidated Balance Sheets (in thousands):


Changes in Uncertain Tax Positions:	2022			2021			2020
Beginning balance	$	10,554		$	8,383		$	4,165
Additions for prior year tax positions		7			448			3,788
Reductions for prior year tax positions		(773	)		(732	)		(1,313	)
Additions for current year tax positions		2,097			2,455			1,743
Ending balance	$	11,885		$	10,554		$	8,383

The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is approximately $5.7 million.

We recognized no interest expense associated with income taxes for the years ended December 31, 2022, 2021 and 2020. We had no accrued interest (before tax effect) associated with income taxes at December 31, 2022 and 2021.

The Company is subject to federal income tax as well as income tax in various state and local jurisdictions.

As of December 31, 2022, we do not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease on or before December 31, 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting Information, Additional Information [Abstract]

Business Segment Information

(16)

BUSINESS SEGMENT INFORMATION

Our Chief Executive Officer, who is considered to be our CODM, reviews financial information presented on an operating segment basis for purposes of making decisions, allocating resources and assessing financial performance. Our operating segments are based on our method of internal reporting, which is generally segregated by differences in products and services. All of our operations and assets are located within the United States.

Our Electric Utilities segment includes the operating results of the regulated electric utility operations of Colorado Electric, South Dakota Electric, and Wyoming Electric, which supply regulated electric utility services to areas in Colorado, Montana, South Dakota and Wyoming. We also own and operate non-regulated power generation and mining businesses that are vertically integrated with our Electric Utilities.

Our Gas Utilities segment consists of the operating results of our regulated natural gas utility subsidiaries in Arkansas, Colorado, Iowa, Kansas, Nebraska and Wyoming.

Corporate and Other represents certain unallocated expenses for administrative activities that support our operating segments. Corporate and Other also includes business development activities that are not part of our operating segments.

Our CODM assesses the performance of our operating segments based on operating income. Our operating segments are equivalent to our reportable segments.

Segment information was as follows (in thousands):


	Consolidating Income Statement
Year ended December 31, 2022	Electric Utilities		Gas Utilities		Corporate			Inter-Company Eliminations			Total

Revenue -
Contracts with customers	$	882,899	$	1,659,957	$	—		$	—		$	2,542,856
Other revenues		5,548		3,412		—			—			8,960
		888,447		1,663,369		—			—			2,551,816
Inter-company operating revenue -
Contracts with customers		11,715		5,292		538			(17,545	)		—
Other revenues		—		429		368,201			(368,630	)		—
		11,715		5,721		368,739			(386,175	)		—
Total revenue		900,162		1,669,090		368,739			(386,175	)		2,551,816

Fuel, purchased power and cost of natural gas sold		266,284		965,108		(11	)		(831	)		1,230,550
Operations and maintenance, including taxes		283,654		345,143		309,773			(323,457	)		615,113
Depreciation, depletion and amortization		135,966		114,679		26,964			(26,700	)		250,909
Operating income (loss)	$	214,258	$	244,160	$	32,013		$	(35,187	)	$	455,244

Interest expense, net												(160,989	)
Impairment of investment												—
Other income (expense), net												1,708
Income tax benefit (expense)												(25,205	)
Net income												270,758
Net income attributable to non-controlling interest												(12,371	)
Net income available for common stock											$	258,387


	Consolidating Income Statement
Year ended December 31, 2021	Electric Utilities		Gas Utilities		Corporate		Inter-Company Eliminations			Total

Revenue -
Contracts with customers	$	825,404	$	1,105,430	$	—	$	—		$	1,930,834
Other revenues		5,336		12,932		—		—			18,268
		830,740		1,118,362		—		—			1,949,102
Inter-company operating revenue -
Contracts with customers		11,518		6,110		196		(17,824	)		—
Other revenues		—		393		356,151		(356,544	)		—
		11,518		6,503		356,347		(374,368	)		—
Total revenue		842,258		1,124,865		356,347		(374,368	)		1,949,102

Fuel, purchased power and cost of natural gas sold		248,018		494,738		96		(918	)		741,934
Operations and maintenance, including taxes		260,036		314,810		293,265		(306,325	)		561,786
Depreciation, depletion and amortization		131,528		104,160		26,838		(26,573	)		235,953
Operating income (loss)	$	202,676	$	211,157	$	36,148	$	(40,552	)	$	409,429

Interest expense, net											(152,404	)
Impairment of investment											—
Other income (expense), net											1,404
Income tax benefit (expense)											(7,169	)
Net income											251,260
Net income attributable to non-controlling interest											(14,516	)
Net income available for common stock										$	236,744


	Consolidating Income Statement
Year ended December 31, 2020	Electric Utilities		Gas Utilities		Corporate		Inter-Company Eliminations			Total

Revenue -
Contracts with customers	$	721,108	$	959,696	$	—	$	—		$	1,680,804
Other revenues		6,175		9,962		—		—			16,137
		727,283		969,658		—		—			1,696,941
Inter-company operating revenue -
Contracts with customers		11,574		4,724		167		(16,465	)		—
Other revenues		—		288		352,976		(353,264	)		—
		11,574		5,012		353,143		(369,729	)		—
Total revenue		738,857		974,670		353,143		(369,729	)		1,696,941

Fuel, purchased power and cost of natural gas sold		138,572		354,645		83		(896	)		492,404
Operations and maintenance, including taxes		265,679		303,577		284,501		(301,980	)		551,777
Depreciation, depletion and amortization		123,632		100,559		25,150		(24,884	)		224,457
Operating income (loss)	$	210,974	$	215,889	$	43,409	$	(41,969	)	$	428,303

Interest expense, net											(143,470	)
Impairment of investment											(6,859	)
Other income (expense), net											(2,293	)
Income tax benefit (expense)											(32,918	)
Net income											242,763
Net income attributable to non-controlling interest											(15,155	)
Net income available for common stock										$	227,608


Total Assets (net of intercompany eliminations) as of December 31,	2022		2021
Electric Utilities	$	3,929,721	$	3,796,662
Gas Utilities		5,578,282		5,246,370
Corporate and Other		110,227		88,864
Total assets	$	9,618,230	$	9,131,896


Capital Expenditures (a) for the years ended December 31,	2022		2021		2020
Electric Utilities	$	243,133	$	285,770	$	288,683
Gas Utilities		349,438		383,320		449,209
Corporate and Other		5,097		10,500		17,500
Total capital expenditures	$	597,668	$	679,590	$	755,392

(a)

Includes accruals for property, plant and equipment as disclosed in the Supplemental Cash Flow Information to the Consolidated Statement of Cash Flows.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

(17)

SUBSEQUENT EVENTS

Except as described in Note 2, there have been no events subsequent to December 31, 2022 which would require recognition in the Consolidated Financial Statements or disclosures.

Business Description And Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates and Basis of Presentation

COVID-19 Pandemic

Principles of Consolidation

Variable Interest Entities

Cash and Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

Revenue from Contract with Customer

Revenue Recognition

•

Revenue Not in Scope of ASC 606

Significant Judgments and Estimates

Unbilled Revenue

Contract Balances

Additional information is included in Note 4.

Accounts Receivable and Allowance for Credit Losses

Following is a summary of accounts receivable as of December 31 (in thousands):


	2022			2021
Billed Accounts Receivable	$	267,571		$	181,027
Unbilled Revenue		243,574			142,738
Less Allowance for Credit Losses		(2,953	)		(2,113	)
Accounts Receivable, net	$	508,192		$	321,652

Changes to allowance for credit losses for the years ended December 31, were as follows (in thousands):


	Balance at Beginning of Year		Additions Charged to Costs and Expenses		Recoveries and Other Additions		Write-offs and Other Deductions			Balance at End of Year
2022	$	2,113	$	9,110	$	3,529	$	(11,799	)	$	2,953
2021	$	7,003	$	2,444	$	3,560	$	(10,894	)	$	2,113
2020	$	2,444	$	8,927	$	4,728	$	(9,096	)	$	7,003

Materials, Supplies and Fuel

The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Consolidated Balance Sheets as of December 31 (in thousands):


	2022		2021
Materials and supplies	$	99,734	$	86,400
Fuel		3,115		1,267
Natural gas in storage		104,572		63,312
Total materials, supplies and fuel	$	207,421	$	150,979

Property, Plant and Equipment


	Income Statement Location	2022		2021		2020
AFUDC Borrowed	Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts)	$	5,638	$	4,068	$	5,617
AFUDC Equity	Other income (expense), net		644		593		318

See Note 5 for additional information.

Asset Retirement Obligations

Goodwill and Intangible Assets

The Company has determined that the reporting units for its goodwill impairment test are its operating segments, or components of an operating segment.

We believe that goodwill reflects the inherent value of the relatively stable, long-lived cash flows of our Utilities businesses, considering the regulatory environment, and the long-lived cash flow and rate base growth opportunities at our Utilities, and those businesses vertically integrated. Goodwill amounts have not changed since 2016.Our intangible assets represent contract intangibles, easements, rights-of-way, customer listings and trademarks. The finite-lived intangible assets are amortized using a straight-line method based on estimated useful lives; these assets are currently being amortized from 3 years to 37 years.

Fair Value Measurements

Financial Instruments

Valuation Methodologies for Derivatives

Additional information on fair value measurements is included in Notes 10 and 13.

Derivatives and Hedging Activities

See additional information in Notes 9, 10 and 11.

Deferred Financing Costs

Regulatory Accounting

•

Certain costs, which would otherwise be charged to expense or OCI, are deferred as regulatory assets based on the expected ability to recover the costs in future rates.

•

See Note 2 for further information.

Income Taxes

We recognize interest income or interest expense and penalties related to income tax matters in Income tax expense on the Consolidated Statements of Income.

Earnings per Share of Common Stock

Noncontrolling Interest

Non-controlling Interests

Share-Based Compensation

Recently Issued and Adopted Accounting Standards

Recently Issued Accounting Standards

Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ASU 2020-04

Business Description And Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable and Allowance for Doubtful Accounts

Following is a summary of accounts receivable as of December 31 (in thousands):


	2022			2021
Billed Accounts Receivable	$	267,571		$	181,027
Unbilled Revenue		243,574			142,738
Less Allowance for Credit Losses		(2,953	)		(2,113	)
Accounts Receivable, net	$	508,192		$	321,652

Financing Receivable, Current, Allowance for Credit Loss

Changes to allowance for credit losses for the years ended December 31, were as follows (in thousands):


	Balance at Beginning of Year		Additions Charged to Costs and Expenses		Recoveries and Other Additions		Write-offs and Other Deductions			Balance at End of Year
2022	$	2,113	$	9,110	$	3,529	$	(11,799	)	$	2,953
2021	$	7,003	$	2,444	$	3,560	$	(10,894	)	$	2,113
2020	$	2,444	$	8,927	$	4,728	$	(9,096	)	$	7,003

Materials, Supplies and Fuel

The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Consolidated Balance Sheets as of December 31 (in thousands):


	2022		2021
Materials and supplies	$	99,734	$	86,400
Fuel		3,115		1,267
Natural gas in storage		104,572		63,312
Total materials, supplies and fuel	$	207,421	$	150,979

Property, Plant and Equipment (AFUDC)

The following table presents AFUDC amounts (in thousands) for the years ended December 31:


	Income Statement Location	2022		2021		2020
AFUDC Borrowed	Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts)	$	5,638	$	4,068	$	5,617
AFUDC Equity	Other income (expense), net		644		593		318

Goodwill

As of December 31, 2022 and 2021, Goodwill balances were as follows (in thousands):


	Electric Utilities		Gas Utilities		Total
Goodwill	$	257,244	$	1,042,210	$	1,299,454

Intangible Assets

Changes to intangible assets for the years ended December 31, were as follows (in thousands):


	2022			2021			2020
Intangible assets, net, beginning balance	$	10,770		$	11,944		$	13,266
Amortization expense (a)		(1,181	)		(1,174	)		(1,322	)
Intangible assets, net, ending balance	$	9,589		$	10,770		$	11,944

(a)

Amortization expense for existing intangible assets is expected to be $1.2 million for each year of the next five years.

Schedule of Accrued Liabilities

The following amounts by major classification are included in Accrued liabilities on the accompanying Consolidated Balance Sheets as of December 31 (in thousands):


	2022		2021
Accrued employee compensation, benefits and withholdings	$	62,890	$	74,387
Accrued property taxes		52,430		50,874
Customer deposits and prepayments		47,655		48,814
Accrued interest		33,798		33,680
Other (none of which is individually significant)		46,684		37,004
Total accrued liabilities	$	243,457	$	244,759

Earnings Per Share of Common Stock

A reconciliation of share amounts used to compute earnings per share is as follows for the years ended December 31 (in thousands):


	2022		2021		2020
Net income available for common stock	$	258,387	$	236,744	$	227,608
Weighted average shares - basic		64,858		63,219		62,378
Dilutive effect of:
Equity compensation		163		106		61
Weighted average shares - diluted		65,021		63,325		62,439
Net income available for common stock, per share - Diluted	$	3.97	$	3.74	$	3.65

Antidilutive Securities

The following securities were excluded from the diluted earnings per share computation for the years ended December 31 because of their anti-dilutive nature (in thousands):


	2022		2021		2020
Equity compensation		-		13		60
Anti-dilutive shares excluded from computation of earnings per share		-		13		60

Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2022

Regulated Operations [Abstract]

Schedule of Regulatory Assets and Liabilities

We had the following regulatory assets and liabilities as of December 31 (in thousands):


	2022			2021
Regulatory assets
Winter Storm Uri (a)	$	347,980		$	509,025
Deferred energy and fuel cost adjustments (b)		72,580			59,973
Deferred gas cost adjustments (b)		12,147			9,488
Gas price derivatives (b)		8,793			2,584
Deferred taxes on AFUDC (b)		7,333			7,457
Employee benefit plans and related deferred taxes (c)		89,259			88,923
Environmental (b)		1,343			1,385
Loss on reacquired debt (b)		19,213			21,011
Deferred taxes on flow-through accounting (b)		69,529			63,243
Decommissioning costs (b)		3,472			5,961
Other regulatory assets (b)		21,332			27,549
Total regulatory assets		652,981			796,599
Less current regulatory assets		(260,312	)		(270,290	)
Regulatory assets, non-current	$	392,669		$	526,309

Regulatory liabilities
Deferred energy and gas costs (b)	$	24,030		$	6,113
Employee benefit plan costs and related deferred taxes (c)		34,258			32,241
Cost of removal (b)		175,614			179,976
Excess deferred income taxes (c)		254,833			264,042
Other regulatory liabilities (c)		29,838			20,579
Total regulatory liabilities		518,573			502,951
Less current regulatory liabilities		(46,013	)		(17,574	)
Regulatory liabilities, non-current	$	472,560		$	485,377

(a)

Timing of Winter Storm Uri incremental cost recovery and associated carrying costs vary by jurisdiction. See further information below.

(b)

Recovery of costs, but we are not allowed a rate of return.

(c)

In addition to recovery or repayment of costs, we are allowed a return on a portion of this amount or a reduction in rate base.

Commitment, Contingencies And Guarantees (Tables)

12 Months Ended

Dec. 31, 2022

Long-term Purchase Commitment [Line Items]

Unrecorded Unconditional Purchase Obligations Disclosure

The following is a schedule of unconditional purchase obligations required under the power purchase, transmission services and natural gas transportation and storage agreements (in thousands):



	PPAs (a)		Transmission Services Agreements		Natural gas supply, transportation and storage agreements (b)
Future commitments for the year ending December 31,
2023	$	11,175	$	12,320	$	130,031
2024		2,738		-		98,881
2025		-		-		72,662
2026		-		-		45,102
2027		-		-		14,862
Thereafter		-		-		56,595
Total future commitments	$	13,913	$	12,320	$	418,133

___________________________

(a) This schedule does not reflect renewable energy PPA future obligations since these agreements vary based on weather conditions.

Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity

As of December 31, 2022, scheduled maturities of operating lease payments to be received in future years were as follows (in thousands):


	Operating Leases
2023	$	2,381
2024		2,125
2025		2,070
2026		1,881
2027		1,845
Thereafter		49,387
Total lease receivables	$	59,689

Schedule of Guarantor Obligations

We had the following guarantees in place as of (in thousands):


	Maximum Exposure at
Nature of Guarantee	December 31, 2022
Indemnification for reclamation/surety bonds	$	107,314
Guarantees supporting business transactions	$	484,968
	$	592,282

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


Year ended December 31, 2022	Electric Utilities		Gas Utilities		Inter-company Revenues			Total
Customer types:	(in thousands)
Retail	$	739,734	$	1,453,266	$	—		$	2,193,000
Transportation		—		173,275		(413	)		172,862
Wholesale		44,832		—		—			44,832
Market - off-system sales		48,578		829		—			49,407
Transmission/Other		61,470		37,879		(16,594	)		82,755
Revenue from contracts with customers		894,614		1,665,249		(17,007	)		2,542,856
Other revenues		5,548		3,841		(429	)		8,960
Total revenues	$	900,162	$	1,669,090	$	(17,436	)	$	2,551,816

Timing of revenue recognition:
Services transferred at a point in time	$	30,454	$	—	$	—		$	30,454
Services transferred over time		864,160		1,665,249		(17,007	)		2,512,402
Revenue from contracts with customers	$	894,614	$	1,665,249	$	(17,007	)	$	2,542,856


Year ended December 31, 2021	Electric Utilities		Gas Utilities		Inter-company Revenues			Total
Customer types:	(in thousands)
Retail	$	711,448	$	913,725	$	—		$	1,625,173
Transportation		—		158,053		(428	)		157,625
Wholesale		30,848		—		—			30,848
Market - off-system sales		41,682		396		—			42,078
Transmission/Other		52,945		39,365		(17,200	)		75,110
Revenue from contracts with customers		836,923		1,111,539		(17,628	)		1,930,834
Other revenues		5,335		13,326		(393	)		18,268
Total revenues	$	842,258	$	1,124,865	$	(18,021	)	$	1,949,102

Timing of revenue recognition:
Services transferred at a point in time	$	27,141	$	—	$	—		$	27,141
Services transferred over time		809,782		1,111,539		(17,628	)		1,903,693
Revenue from contracts with customers	$	836,923	$	1,111,539	$	(17,628	)	$	1,930,834


Year ended December 31, 2020	Electric Utilities		Gas Utilities		Inter-company Revenues			Total
Customer types:	(in thousands)
Retail	$	636,902	$	765,922	$	—		$	1,402,824
Transportation		—		154,581		(526	)		154,055
Wholesale		24,845		—		—			24,845
Market - off-system sales		15,512		260		—			15,772
Transmission/Other		55,422		43,658		(15,772	)		83,308
Revenue from contracts with customers		732,681		964,421		(16,298	)		1,680,804
Other revenues		6,176		10,249		(288	)		16,137
Total revenues	$	738,857	$	974,670	$	(16,586	)	$	1,696,941

Timing of revenue recognition:
Services transferred at a point in time	$	27,089	$	—	$	—		$	27,089
Services transferred over time		705,592		964,421		(16,298	)		1,653,715
Revenue from contracts with customers	$	732,681	$	964,421	$	(16,298	)	$	1,680,804

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment at December 31 consisted of the following (dollars in thousands):


	2022				2021				Lives (in years)
Electric Utilities	Property, Plant and Equipment			Weighted Average Useful Life (in years)	Property, Plant and Equipment			Weighted Average Useful Life (in years)	Minimum	Maximum
Electric plant:
Production	$	1,482,081		41	$	1,452,055		41	32	46
Electric transmission		632,872		48		546,126		49	40	51
Electric distribution		1,082,535		47		1,000,619		47	45	50
Integrated Generation		713,519		31		720,490		30	19	38
Plant acquisition adjustment (a)		4,870		32		4,870		32	32	32
General		274,857		27		266,935		28	24	31
Total electric plant in service		4,190,734				3,991,095
Construction work in progress		152,953				181,451
Total electric plant		4,343,687				4,172,546
Less accumulated depreciation and depletion		(1,104,056	)			(1,016,738	)
Electric plant net of accumulated depreciation and depletion	$	3,239,631			$	3,155,808

____________________

(a) The plant acquisition adjustment is included in rate base and is being recovered with 8 years remaining.


	2022				2021				Lives (in years)
Gas Utilities	Property, Plant and Equipment			Weighted Average Useful Life (in years)	Property, Plant and Equipment			Weighted Average Useful Life (in years)	Minimum	Maximum
Gas plant:
Production	$	17,843		45	$	14,841		40	24	47
Gas transmission		695,345		58		645,550		58	32	72
Gas distribution		2,620,174		57		2,394,352		53	48	60
Cushion gas - depreciable (a)		—		N/A		3,539		28	N/A	N/A
Cushion gas - not depreciable (a)		63,137		N/A		42,478		N/A	N/A	N/A
Storage		65,781		41		56,289		38	36	48
General		497,407		23		474,964		21	3	25
Total gas plant in service		3,959,687				3,632,013
Construction work in progress		52,041				37,860
Total gas plant		4,011,728				3,669,873
Less accumulated depreciation		(471,013	)			(389,115	)
Gas plant net of accumulated depreciation	$	3,540,715			$	3,280,758

____________________


	2022				2021				Lives (in years)
Corporate	Property, Plant and Equipment			Weighted Average Useful Life (in years)	Property, Plant and Equipment			Weighted Average Useful Life (in years)	Minimum	Maximum
Total plant in service	$	5,685		11	$	5,694		10	4	24
Construction work in progress		13,690				8,460
Total gross property, plant and equipment		19,375				14,154
Less accumulated depreciation		(1,773	)			(1,544	)
Total net of accumulated depreciation	$	17,602			$	12,610

Jointly Owned Facilities (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Jointly Owned Utility Plants

At December 31, 2022, our interests in jointly-owned generating facilities and transmission systems were (in thousands):


	Ownership Interest			Plant in Service		Construction Work in Progress		Less Accumulated Depreciation			Plant Net of Accumulated Depreciation
Wyodak Plant (a)		20	%	$	121,769	$	93	$	(70,884	)	$	50,978
Transmission Tie		35	%	$	24,482	$	300	$	(7,375	)	$	17,407
Wygen III (b)		52	%	$	143,818	$	1,051	$	(29,634	)	$	115,235
Wygen I (c)		76.5	%	$	114,811	$	1,579	$	(56,553	)	$	59,837

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Change in Asset Retirement Obligation

The following tables present the details of AROs which are included on the accompanying Consolidated Balance Sheets in Other deferred credits and other liabilities (in thousands):


	December 31, 2021		Liabilities Incurred		Liabilities Settled			Accretion		Revisions to Prior Estimates			December 31, 2022
Electric Utilities	$	30,089	$	—	$	(3,003	)	$	1,353	$	(856	)	$	27,583
Gas Utilities (a)		45,455		—		(158	)		2,016		14,032			61,345
Total	$	75,544	$	—	$	(3,161	)	$	3,369	$	13,176		$	88,928


	December 31, 2020		Liabilities Incurred		Liabilities Settled			Accretion		Revisions to Prior Estimates		December 31, 2021
Electric Utilities	$	29,157	$	—	$	(978	)	$	1,315	$	595	$	30,089
Gas Utilities (a)		42,274		—		(66	)		1,733		1,514		45,455
Total	$	71,431	$	—	$	(1,044	)	$	3,048	$	2,109	$	75,544

(a)

The Revisions to Prior Estimates were primarily driven by changes in estimates associated with natural gas wells and compressor stations.

Financing (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Short-term Debt


	2022			2021
Amount outstanding	$	535,600		$	420,180
Letters of credit (a)		24,626			27,209
Available capacity		189,774			302,611
Weighted average interest rates		4.88	%		0.30	%

(a)

Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility.

Revolving Credit Facility and CP Program borrowing activity for the years ended December 31 was as follows (in thousands):


	2022			2021
Maximum amount outstanding (based on daily outstanding balances)	$	572,300		$	440,000
Average amount outstanding (based on daily outstanding balances)		390,653			258,392
Weighted average interest rates		2.11	%		0.22	%

Schedule of Long-term Debt Instruments

Long-term debt outstanding was as follows (dollars in thousands):


		Interest Rate at	Balance Outstanding
	Due Date	December 31, 2022	December 31, 2022			December 31, 2021
Corporate
Senior unsecured notes due 2023	November 30, 2023	4.25%	$	525,000		$	525,000
Senior unsecured notes due 2024	August 23, 2024	1.04%		600,000			600,000
Senior unsecured notes due 2026	January 15, 2026	3.95%		300,000			300,000
Senior unsecured notes due 2027	January 15, 2027	3.15%		400,000			400,000
Senior unsecured notes, due 2029	October 15, 2029	3.05%		400,000			400,000
Senior unsecured notes, due 2030	June 15, 2030	2.50%		400,000			400,000
Senior unsecured notes due 2033	May 1, 2033	4.35%		400,000			400,000
Senior unsecured notes, due 2046	September 15, 2046	4.20%		300,000			300,000
Senior unsecured notes, due 2049	October 15, 2049	3.88%		300,000			300,000
Total Corporate debt				3,625,000			3,625,000
Less unamortized debt discount				(5,259	)		(6,125	)
Total Corporate debt, net				3,619,741			3,618,875
South Dakota Electric
First Mortgage Bonds due 2032	August 15, 2032	7.23%		75,000			75,000
First Mortgage Bonds due 2039	November 1, 2039	6.13%		180,000			180,000
First Mortgage Bonds due 2044	October 20, 2044	4.43%		85,000			85,000
Total South Dakota Electric debt				340,000			340,000
Less unamortized debt discount				(69	)		(74	)
Total South Dakota Electric debt, net				339,931			339,926
Wyoming Electric
Industrial development revenue bonds due 2027(a) (b)	March 1, 2027	3.68%		10,000			10,000
First Mortgage Bonds due 2037	November 20, 2037	6.67%		110,000			110,000
First Mortgage Bonds due 2044	October 20, 2044	4.53%		75,000			75,000
Total Wyoming Electric debt				195,000			195,000
Less unamortized debt discount				—			—
Total Wyoming Electric debt, net				195,000			195,000
Total long-term debt				4,154,672			4,153,801
Less current maturities				(525,000	)		—
Less unamortized deferred financing costs (c)				(22,332	)		(26,878	)
Long-term debt, net of current maturities and deferred financing costs			$	3,607,340		$	4,126,923

(a)

Variable interest rate.

(b)

(c)

Includes deferred financing costs associated with our Revolving Credit Facility of $1.8 million and $2.5 million as of December 31, 2022 and December 31, 2021, respectively.

Schedule of Maturities of Long-term Debt

Scheduled maturities of long-term debt and associated interest payments by year are shown below (in thousands):


	Payments Due by Period
	2023		2024		2025		2026		2027		Thereafter		Total
Principal payments on Long-term debt including current maturities (a)	$	525,000	$	600,000	$	—	$	300,000	$	410,000	$	2,325,000	$	4,160,000
Interest payments on Long-term debt (a)		148,125		125,813		119,591		113,666		101,134		994,804		1,603,133

(a)

Deferred Financing Costs

Our deferred financing costs and associated amortization expense included in Interest expense on the accompanying Consolidated Statements of Income were as follows (in thousands):


Deferred Financing Costs Remaining at		Amortization Expense for the years ended December 31,
December 31, 2022		2022		2021		2020
$	22,332	$	4,549	$	3,769	$	3,272

Credit Facility and Short Term Debt Covenants

We were in compliance with our covenants at December 31, 2022 as shown below:


	As of December 31, 2022			Covenant Requirement
Consolidated Indebtedness to Capitalization Ratio		60.9	%	Less than	65	%

Summary of ATM Activity

ATM activity for the years ended December 31 was as follows (net proceeds and issuance costs in millions):


	December 31, 2022		December 31, 2021		December 31, 2020
Number of shares issued		1,307,755		1,812,197		-
Average price per share	$	69.74	$	66.18	$	-
Proceeds, (net of issuance costs of $(0.9), $(1.1) and $0 respectively)	$	90.3	$	118.8	$	-

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.12-04(a))
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Risk Management And Derivatives (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Contract or notional amounts and terms of marketing activities and derivative commodity instruments


		December 31, 2022				December 31, 2021
	Units	Notional Amounts		Maximum Term (months) (a)		Notional Amounts		Maximum Term (months) (a)
Natural gas futures purchased	MMBtus		630,000		3		590,000		3
Natural gas options purchased, net	MMBtus		1,790,000		3		3,100,000		3
Natural gas basis swaps purchased	MMBtus		900,000		3		870,000		3
Natural gas over-the-counter swaps, net (b)	MMBtus		4,460,000		24		4,570,000		34
Natural gas physical commitments, net (c)	MMBtus		17,864,412		12		16,416,677		24

(a)

Term reflects the maximum forward period hedged.

(b)

As of December 31, 2022, 1,646,200 MMBtus of natural gas over-the-counter swaps purchased were designated as cash flow hedges.

(c)

Volumes exclude derivative contracts that qualify for the normal purchase, normal sales exception permitted by GAAP.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables present the fair value and balance sheet classification of our derivative instruments as of December 31, (in thousands):


	Balance Sheet Location	2022			2021
Derivatives designated as hedges:
Asset derivative instruments:
Current commodity derivatives	Derivative assets - current	$	118		$	2,017
Noncurrent commodity derivatives	Other assets, non-current		198			18
Liability derivative instruments:
Current commodity derivatives	Derivative liabilities - current		(1,703	)		—
Total derivatives designated as hedges		$	(1,387	)	$	2,035

Derivatives not designated as hedges:
Asset derivative instruments:
Current commodity derivatives	Derivative assets - current	$	464		$	2,356
Noncurrent commodity derivatives	Other assets, non-current		337			804
Liability derivative instruments:
Current commodity derivatives	Derivative liabilities - current		(4,897	)		(1,439	)
Noncurrent commodity derivatives	Other deferred credits and other liabilities		(18	)		(20	)
Total derivatives not designated as hedges		$	(4,114	)	$	1,701

Derivative Instruments, Gain (Loss)


	2022			2021		2020			2022			2021			2020
Derivatives in Cash Flow Hedging Relationships	Amount of Gain/(Loss) Recognized in OCI							Income Statement Location	Amount of Gain/(Loss) Reclassified from AOCI into Income
	(in thousands)								(in thousands)
Interest rate swaps	$	2,850		$	2,851	$	2,851	Interest expense	$	(2,850	)	$	(2,851	)	$	(2,851	)
Commodity derivatives		(3,532	)		1,952		540	Fuel, purchased power and cost of natural gas sold		2,708			2,051			(601	)
Total	$	(682	)	$	4,803	$	3,391		$	(142	)	$	(800	)	$	(3,452	)

Derivatives Not Designated as Hedge Instruments


		2022			2021			2020
Derivatives Not Designated as Hedging Instruments	Income Statement Location	Amount of Gain/(Loss) on Derivatives Recognized in Income
		(in thousands)
Commodity derivatives - Electric	Fuel, purchased power and cost of natural gas sold	$	—		$	(144	)	$	144
Commodity derivatives - Natural Gas	Fuel, purchased power and cost of natural gas sold		(797	)		2,599			1,640
		$	(797	)	$	2,455		$	1,784

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy, Measured on Recurring Basis


	As of December 31, 2022
	Level 1		Level 2		Level 3		Cash Collateral and Counterparty Netting (a)			Total
	(in thousands)
Assets:
Commodity derivatives - Gas Utilities	$	—		5,407	$	—		(4,290	)	$	1,117
Total	$	—	$	5,407	$	—	$	(4,290	)	$	1,117

Liabilities:
Commodity derivatives - Gas Utilities	$	—		11,455	$	—		(4,837	)	$	6,618
Total	$	—	$	11,455	$	—	$	(4,837	)	$	6,618

(a)


	As of December 31, 2021
	Level 1		Level 2		Level 3		Cash Collateral and Counterparty Netting (a)			Total
Assets:
Commodity derivatives - Gas Utilities	$	—		7,569	$	—	$	(2,374	)	$	5,195
Total	$	—	$	7,569	$	—	$	(2,374	)	$	5,195

Liabilities:
Commodity derivatives - Gas Utilities	$	—	$	3,273	$	—	$	(1,814	)	$	1,459
Total	$	—	$	3,273	$	—	$	(1,814	)	$	1,459

(a)

Fair Value, by Balance Sheet Grouping

The following table presents the carrying amounts and fair values of financial instruments not recorded at fair value on the Consolidated Balance Sheets at December 31 (in thousands):


	2022				2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current maturities (a)	$	4,132,340	$	3,760,848	$	4,126,923	$	4,570,619

(a)

Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2022

Statement of Comprehensive Income [Abstract]

Reclassification out of Accumulated Other Comprehensive Income


	Location on the Consolidated	Amount Reclassified from AOCI
	Statements of Income	December 31, 2022			December 31, 2021
Gains and (losses) on cash flow hedges:
Interest rate swaps	Interest expense	$	(2,850	)	$	(2,851	)
Commodity contracts	Fuel, purchased power and cost of natural gas sold		2,708			2,051
			(142	)		(800	)
Income tax	Income tax benefit (expense)		58			175
Total reclassification adjustments related to cash flow hedges, net of tax		$	(84	)	$	(625	)

Amortization of components of defined benefit plans:
Prior service cost	Operations and maintenance	$	93		$	98

Actuarial gain (loss)	Operations and maintenance		(751	)		(2,391	)
			(658	)		(2,293	)
Income tax	Income tax benefit (expense)		198			638
Total reclassification adjustments related to defined benefit plans, net of tax		$	(460	)	$	(1,655	)

Total reclassifications		$	(544	)	$	(2,280	)

Schedule of Accumulated Other Comprehensive Income (Loss)

Balances by classification included within AOCI, net of tax on the accompanying Consolidated Balance Sheets were as follows (in thousands):


	Derivatives Designated as Cash Flow Hedges
	Interest Rate Swaps			Commodity Derivatives			Employee Benefit Plans			Total
As of December 31, 2021	$	(10,384	)	$	1,476		$	(11,176	)	$	(20,084	)
Other comprehensive income (loss)
before reclassifications		—			(631	)		4,604			3,973
Amounts reclassified from AOCI		2,129			(2,045	)		460			544
As of December 31, 2022	$	(8,255	)	$	(1,200	)	$	(6,112	)	$	(15,567	)

	Derivatives Designated as Cash Flow Hedges
	Interest Rate Swaps			Commodity Derivatives			Employee Benefit Plans			Total
As of December 31, 2020	$	(12,558	)	$	2		$	(14,790	)	$	(27,346	)
Other comprehensive income (loss)
before reclassifications		—			3,023			1,959			4,982
Amounts reclassified from AOCI		2,174			(1,549	)		1,655			2,280
As of December 31, 2021	$	(10,384	)	$	1,476		$	(11,176	)	$	(20,084	)

Variable Interest Entity (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

We have recorded the following assets and liabilities on our Consolidated Balance Sheets related to the VIE described above as of December 31 (in thousands):


	2022		2021
Assets:
Current assets	$	12,761	$	13,220
Property, plant and equipment of variable interest entities, net	$	178,761	$	189,079

Liabilities:
Current liabilities	$	5,394	$	5,841

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Defined Benefit Plan Disclosure [Line Items]

Schedule of Allocation of Plan Assets

The percentages of total plan asset by investment category for our Pension Plan at December 31 were as follows:


Return-seeking Assets	2022	2021
Equity	14%	15%
Real estate	7%	7%
Fixed income	2%	3%
Hedge funds	3%	3%
Total	26%	28%

Liability-hedging Assets	2022	2021
Fixed income	72%	71%
Cash	2%	1%
Total	74%	72%

Total Assets	100%	100%

Schedule of Employer Contribution to Employee Benefit Plans

Contributions for the years ended December 31 were as follows (in thousands):


	2022		2021
Defined Contribution Plan
Company retirement contributions	$	11,885	$	11,332
Company matching contributions	$	16,187	$	15,938


	2022		2021
Defined Benefit Plans
Defined Benefit Pension Plan	$	-	$	-
Non-Pension Defined Benefit Postretirement Healthcare Plan	$	6,131	$	6,432
Supplemental Non-Qualified Defined Benefit Plans	$	3,061	$	2,576

Schedule of Changes in Projected Benefit Obligations

Employee Benefit Plan Obligations


	Defined Benefit Pension Plan						Supplemental Non-qualified Defined Benefit Plans						Non-pension Defined Benefit Postretirement Healthcare Plan
As of December 31,	2022			2021			2022			2021			2022			2021
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	478,262		$	514,008		$	55,260		$	55,054		$	63,484		$	70,238
Service cost (a)		3,927			5,038			(801	)		3,149			1,968			2,237
Interest cost		10,819			9,313			834			706			1,285			1,058
Actuarial (gain) loss		(97,960	)		(14,037	)		(7,007	)		(1,073	)		(12,300	)		(5,165	)
Amendments		-			(561	)		-			-			-			-
Benefits paid		(36,663	)		(35,499	)		(3,061	)		(2,576	)		(6,131	)		(6,432	)
Plan participants’ contributions		-			-			-			-			1,419			1,548
Projected benefit obligation at end of year	$	358,385		$	478,262		$	45,225		$	55,260		$	49,725		$	63,484

Schedule of Changes in Fair Value of Plan Assets


	Defined Benefit Pension Plan						Supplemental Non-qualified Defined Benefit Plans						Non-pension Defined Benefit Postretirement Healthcare Plan (a)
As of December 31,	2022			2021			2022			2021			2022			2021
Change in fair value of plan assets:
Beginning fair value of plan assets	$	458,387		$	473,721		$	-		$	-		$	7,972		$	8,165
Investment income (loss)		(98,585	)		20,165			-			-			4			(35	)
Employer contributions		-			-			3,061			2,576			4,488			4,726
Retiree contributions		-			-			-			-			1,419			1,548
Benefits paid		(36,661	)		(35,499	)		(3,061	)		(2,576	)		(6,131	)		(6,432	)
Ending fair value of plan assets	$	323,141		$	458,387		$	-		$	-		$	7,752		$	7,972

(a)

Assets of VEBA trusts.

Schedule of Amounts Recognized in Balance Sheet

Amounts Recognized in the Consolidated Balance Sheets


	Defined Benefit Pension Plan				Supplemental Non-qualified Defined Benefit Plans				Non-pension Defined Benefit Postretirement Healthcare Plan
As of December 31,	2022		2021		2022		2021		2022		2021
Regulatory assets	$	78,654	$	67,403	$	-	$	-	$	3,788	$	11,660
Current liabilities	$	-	$	-	$	2,231	$	2,156	$	4,427	$	4,584
Non-current assets	$	-	$	-	$	-	$	-	$	959	$	-
Non-current liabilities	$	35,243	$	19,872	$	42,994	$	53,104	$	38,505	$	50,949
Regulatory liabilities	$	2,804	$	3,830	$	-	$	-	$	6,198	$	2,447

Schedule of Accumulated and Projected Benefit Obligations

Accumulated Benefit Obligation


	Defined Benefit Pension Plan				Supplemental Non-qualified Defined Benefit Plans				Non-pension Defined Benefit Postretirement Healthcare Plan
As of December 31,	2022		2021		2022		2021		2022		2021
Accumulated Benefit Obligation	$	350,187	$	466,505	$	45,225	$	55,260	$	49,725	$	63,484

Components of Net Periodic Benefit Cost


	Defined Benefit Pension Plan									Supplemental Non-qualified Defined Benefit Plans							Non-pension Defined Benefit Postretirement Healthcare Plan
For the years ended December 31,	2022			2021			2020			2022			2021		2020		2022			2021			2020
Service cost	$	3,927		$	5,038		$	5,411		$	(801	)	$	3,149	$	1,579	$	1,968		$	2,237		$	2,056
Interest cost		10,819			9,313			13,426			834			706		1,099		1,285			1,058			1,649
Expected return on assets		(18,523	)		(20,876	)		(22,591	)		-			-		-		(125	)		(136	)		(182	)
Net amortization of prior service cost		(68	)		-			-			-			-		2		(289	)		(434	)		(546	)
Recognized net actuarial loss (gain)		6,092			7,315			8,372			276			1,754		1,702		64			466			20
Net periodic expense	$	2,247		$	790		$	4,618		$	309		$	5,609	$	4,382	$	2,903		$	3,191		$	2,997

Schedule of Net Periodic Benefit Cost Not yet Recognized


	Defined Benefit Pension Plan						Supplemental Non-qualified Defined Benefit Plans				Non-pension Defined Benefit Postretirement Healthcare Plan
As of December 31,	2022			2021			2022		2021		2022			2021
Net (gain) loss	$	5,179		$	4,398		$	1,565	$	7,159	$	(667	)	$	(308	)
Prior service cost (gain)		(39	)		(46	)		-		-		74			(27	)
Total amounts included in AOCI, after-tax not yet recognized as components of net periodic expense	$	5,140		$	4,352		$	1,565	$	7,159	$	(593	)	$	(335	)

Schedule of Assumptions Used

Assumptions


	Defined Benefit Pension Plan									Supplemental Non-qualified Defined Benefit Plans									Non-pension Defined Benefit Postretirement Healthcare Plan
Weighted-average assumptions used to determine benefit obligations:	2022			2021			2020			2022			2021			2020			2022			2021			2020
Discount rate		5.17	%		2.88	%		2.56	%		5.13	%		2.77	%		2.41	%		5.14	%		2.79	%		2.41	%
Rate of increase in compensation levels		3.06	%		3.08	%		3.34	%		—			5.00	%		5.00	%	N/A			N/A			N/A


	Defined Benefit Pension Plan									Supplemental Non-qualified Defined Benefit Plans									Non-pension Defined Benefit Postretirement Healthcare Plan
Weighted-average assumptions used to determine net periodic benefit cost for plan year:	2022			2021			2020			2022			2021			2020			2022			2021			2020
Discount rate (a)		2.88	%		2.56	%		3.27	%		2.77	%		2.41	%		3.14	%		2.79	%		2.41	%		3.15	%
Expected long-term rate of return on assets (b)		4.25	%		4.50	%		5.25	%	N/A			N/A			N/A				1.70	%		1.80	%		2.35	%
Rate of increase in compensation levels		3.08	%		3.34	%		3.49	%		—			5.00	%		5.00	%	N/A			N/A			N/A

(a)

The estimated discount rate for the Defined Benefit Pension Plan is 5.2% for the calculation of the 2023 net periodic pension costs.

(b)

The expected rate of return on plan assets for the Defined Benefit Pension Plan is 6.0% for the calculation of the 2023 net periodic pension cost.

Schedule of Health Care Cost Trend Rates

The healthcare benefit obligation at December 31 was determined as follows:


	2022			2021
Trend Rate - Medical
Pre-65 for next year - All Plans		7.00	%		6.05	%
Pre-65 Ultimate trend rate - Black Hills Corp		4.50	%		4.50	%
Trend Year	2031			2030

Post-65 for next year - All Plans		6.00	%		5.10	%
Post-65 Ultimate trend rate - Black Hills Corp		4.50	%		4.50	%
Trend Year	2031			2030

Schedule of Expected Benefit Payments

The following benefit payments to employees, which reflect future service, are expected to be paid (in thousands):


	Defined Benefit Pension Plan		Supplemental Non-qualified Defined Benefit Plans		Non-pension Defined Benefit Postretirement Healthcare Plan
2023	$	26,889	$	2,231	$	5,600
2024	$	26,882	$	2,417	$	5,313
2025	$	27,870	$	2,764	$	5,022
2026	$	28,182	$	2,790	$	4,883
2027	$	28,166	$	2,727	$	4,769
2028 -2032	$	140,416	$	12,184	$	21,147

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Schedule of Allocation of Plan Assets

The following tables set forth, by level within the fair value hierarchy, the assets that were accounted for at fair value on a recurring basis (in thousands):


Pension Plan	December 31, 2022
	Level 1		Level 2		Level 3		Total Investments Measured at Fair Value		NAV (a)		Total Investments
Common Collective Trust - Cash and Cash Equivalents	$	-	$	6,374	$	-	$	6,374	$	-	$	6,374
Common Collective Trust - Equity		-		45,087		-		45,087		-		45,087
Common Collective Trust - Fixed Income		-		242,025		-		242,025		-		242,025
Common Collective Trust - Real Estate		-		-		-		-		21,572		21,572
Hedge Funds		-		-		-		-		8,084		8,084
Total investments measured at fair value	$	-	$	293,486	$	-	$	293,486	$	29,656	$	323,142


Pension Plan	December 31, 2021
	Level 1		Level 2		Level 3		Total Investments Measured at Fair Value		NAV (a)		Total Investments
Common Collective Trust - Cash and Cash Equivalents	$	-	$	6,009	$	-	$	6,009	$	-	$	6,009
Common Collective Trust - Equity		-		70,262		-		70,262		-		70,262
Common Collective Trust - Fixed Income		-		339,219		-		339,219		-		339,219
Common Collective Trust - Real Estate		-		-		-		-		30,407		30,407
Hedge Funds		-		-		-		-		12,490		12,490
Total investments measured at fair value	$	-	$	415,490	$	-	$	415,490	$	42,897	$	458,387

(a)

Postretirement Health Coverage

Defined Benefit Plan Disclosure [Line Items]

Schedule of Allocation of Plan Assets


Non-pension Defined Benefit Postretirement Healthcare Plan	December 31, 2022
	Level 1		Level 2		Level 3		Total Investments Measured at Fair Value		Total Investments
Cash and Cash Equivalents	$	7,752	$	-	$	-	$	7,752	$	7,752
Total investments measured at fair value	$	7,752	$	-	$	-	$	7,752	$	7,752


Non-pension Defined Benefit Postretirement Healthcare Plan	December 31, 2021
	Level 1		Level 2		Level 3		Total Investments Measured at Fair Value		Total Investments
Cash and Cash Equivalents	$	7,972	$	-	$	-	$	7,972	$	7,972
Total investments measured at fair value	$	7,972	$	-	$	-	$	7,972	$	7,972

Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Expensed Amount

Stock-based compensation expense, which is included in Operations and maintenance on the accompanying Consolidated Statements of Income, was as follows for the years ended December 31 (in thousands):


	2022		2021		2020
Stock-based compensation expense	$	8,551	$	9,655	$	5,373

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of the status of the restricted stock and restricted stock units at December 31, 2022, was as follows:


	Restricted Stock			Weighted-Average Grant Date Fair Value
	(in thousands)
Balance at January 1, 2022		219		$	67.64
Granted		70			69.03
Vested		(94	)		69.64
Forfeited		(16	)		66.03
Balance at December 31, 2022		179		$	67.23

The weighted-average grant-date fair value of restricted stock granted, and the total fair value of shares vested during the years ended December 31, were as follows:


	Weighted-Average Grant Date Fair Value		Total Fair Value of Shares Vested
			(in thousands)
2022	$	69.03	$	6,436
2021	$	65.64	$	5,400
2020	$	69.49	$	6,722

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The outstanding performance periods at December 31, 2022 were as follows (shares in thousands):


				Possible Payout Range of Target
Grant Date	Performance Period	Target Grant of Shares		Minimum	Maximum
January 1, 2020	January 1, 2020 - December 31, 2022		36	0%	200%

A summary of the status of the Performance Share Plan at December 31, 2022 was as follows:


	Equity Portion					Liability Portion
				Weighted-Average Grant Date					Weighted-Average Fair Value at
	Shares			Fair Value (a)		Shares			December 31, 2022
	(in thousands)					(in thousands)
Performance Shares balance at beginning of period		36		$	68.14		36
Granted		—			—		—
Forfeited		—			—		—
Vested		(18	)		68.72		(18	)
Performance Shares balance at end of period		18		$	81.42		18		$	32.74

(a)

The weighted-average grant-date fair value of performance share awards granted was as follows in the years ended:


	Weighted Average Grant Date Fair Value
December 31, 2020	$	81.42

Performance Plan Payouts

Performance plan payouts have been as follows (in thousands):


Performance Period	Year Paid	Stock Issued		Cash Paid		Total Intrinsic Value
January 1, 2019 to December 31, 2021	2022		8	$	519	$	1,038
January 1, 2018 to December 31, 2020	2021		28	$	1,647	$	3,294
January 1, 2017 to December 31, 2019	2020		14	$	1,100	$	2,199

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The Monte Carlo simulation is used to estimate expected share payout based on the Company’s TSR for a three-year performance period relative to the designated peer group beginning January 1 of the award year.


	2022	2021
Fair value of share units award	74.48	64.97
Three-year risk-free rate	0.97%	0.17%
Black Hills Corporation’s common stock volatility	30%	33%
Volatility range for the peer group	22-67%	25-76%

Schedule of Nonvested Share Activity

The following table summarizes the performance share unit activity for the year ended December 31, 2022:


	Performance Share Units - Market Condition				Performance Share Units - Performance Condition
	Share Units		Weighted-Average Fair Value per Share Unit		Share Units		Weighted-Average Fair Value per Share Unit
Nonvested at January 1, 2022		32,903	$	64.97		21,948	$	61.45
Granted		35,571		74.48		23,718		70.57
Nonvested at December 31, 2022		68,474	$	69.91		45,666	$	66.19

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) from continuing operations for the years ended December 31 was (in thousands):


	2022			2021			2020
Current:
Federal	$	(467	)	$	574		$	(6,020	)
State		80			(666	)		847
Current income tax (benefit)		(387	)		(92	)		(5,173	)
Deferred:
Federal		23,205			2,170			35,672
State		2,387			5,091			2,419
Deferred income tax expense		25,592			7,261			38,091

Income tax expense	$	25,205		$	7,169		$	32,918

Schedule of Effective Income Tax Rate Reconciliation

Effective Tax Rates

The effective tax rate differs from the federal statutory rate for the years ended December 31, as follows:


	2022			2021			2020
Federal statutory rate		21.0	%		21.0	%		21.0	%
State income tax (net of federal tax effect) (a)		0.5			1.2			2.4
Non-controlling interest (b)		(0.9	)		(1.2	)		(1.2	)
Tax credits		(7.7	)		(8.4	)		(9.2	)
Flow-through adjustments (c)		(1.4	)		(3.2	)		(1.6	)
Uncertain Tax Benefits		—			0.3			1.5
Valuation Allowance		—			—			0.7
Other tax differences		(0.1	)		(0.2	)		0.6
Amortization of excess deferred income tax expense (d)		(2.5	)		(3.1	)		(2.3	)
TCJA bill credits (e)		(0.4	)		(3.6	)		—
Effective Tax Rate		8.5	%		2.8	%		11.9	%

(a)

The state effective tax rate contains the tax expense attributable to multiple statutory state rate reductions in the Company's state jurisdictions.

(b)

The effective tax rate reflects the income attributable to the non-controlling interest in Black Hills Colorado IPP for which a tax provision was not recorded.

(c)

(d)

Primarily TCJA - see above.

(e)

Schedule of Deferred Tax Assets and Liabilities

The temporary differences, which gave rise to the net deferred tax liability, for the years ended December 31 were as follows (in thousands):


	2022			2021
Deferred tax assets:
Regulatory liabilities	$	74,728		$	77,099
State tax credits		22,817			23,342
Federal NOL		191,992			227,535
State NOL		23,031			33,639
Partnership		12,755			13,395
Credit Carryovers		90,881			68,646
Other deferred tax assets		45,407			31,996
Less: Valuation allowance		(15,476	)		(14,719	)
Total deferred tax assets		446,135			460,933

Deferred tax liabilities:
Accelerated depreciation, amortization and other property-related differences		(645,762	)		(597,284	)
Regulatory assets		(94,433	)		(124,582	)
Goodwill		(57,884	)		(45,471	)
State deferred tax liability		(98,200	)		(109,136	)
Other deferred tax liabilities		(58,797	)		(49,848	)
Total deferred tax liabilities		(955,076	)		(926,321	)

Net deferred tax liability	$	(508,941	)	$	(465,388	)

Summary of Operating Loss and Tax Credit Carryforwards

At December 31, 2022, we have federal NOL and state NOL and tax credit carryforwards that will expire at various dates as follows (in thousands):


	Amounts		Expiration Dates
Federal NOL Carryforward	$	330,085	2023 to 2037
Federal NOL Carryforward	$	584,161	No expiration

State NOL Carryforward (a)	$	408,269	2023 to 2041
State Tax Credit Carryforward	$	22,817	2023 to 2041

(a)

The carryforward balance is reflected on the basis of apportioned tax losses to jurisdictions imposing state income taxes.

Summary of Income Tax Contingencies


Changes in Uncertain Tax Positions:	2022			2021			2020
Beginning balance	$	10,554		$	8,383		$	4,165
Additions for prior year tax positions		7			448			3,788
Reductions for prior year tax positions		(773	)		(732	)		(1,313	)
Additions for current year tax positions		2,097			2,455			1,743
Ending balance	$	11,885		$	10,554		$	8,383

Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting Information, Additional Information [Abstract]

Segment information included in Consolidated Balance Sheets

Segment information was as follows (in thousands):


Total Assets (net of intercompany eliminations) as of December 31,	2022		2021
Electric Utilities	$	3,929,721	$	3,796,662
Gas Utilities		5,578,282		5,246,370
Corporate and Other		110,227		88,864
Total assets	$	9,618,230	$	9,131,896


Capital Expenditures (a) for the years ended December 31,	2022		2021		2020
Electric Utilities	$	243,133	$	285,770	$	288,683
Gas Utilities		349,438		383,320		449,209
Corporate and Other		5,097		10,500		17,500
Total capital expenditures	$	597,668	$	679,590	$	755,392

(a)

Includes accruals for property, plant and equipment as disclosed in the Supplemental Cash Flow Information to the Consolidated Statement of Cash Flows.

Segment information included in Consolidated Statements of Income


	Consolidating Income Statement
Year ended December 31, 2022	Electric Utilities		Gas Utilities		Corporate			Inter-Company Eliminations			Total

Revenue -
Contracts with customers	$	882,899	$	1,659,957	$	—		$	—		$	2,542,856
Other revenues		5,548		3,412		—			—			8,960
		888,447		1,663,369		—			—			2,551,816
Inter-company operating revenue -
Contracts with customers		11,715		5,292		538			(17,545	)		—
Other revenues		—		429		368,201			(368,630	)		—
		11,715		5,721		368,739			(386,175	)		—
Total revenue		900,162		1,669,090		368,739			(386,175	)		2,551,816

Fuel, purchased power and cost of natural gas sold		266,284		965,108		(11	)		(831	)		1,230,550
Operations and maintenance, including taxes		283,654		345,143		309,773			(323,457	)		615,113
Depreciation, depletion and amortization		135,966		114,679		26,964			(26,700	)		250,909
Operating income (loss)	$	214,258	$	244,160	$	32,013		$	(35,187	)	$	455,244

Interest expense, net												(160,989	)
Impairment of investment												—
Other income (expense), net												1,708
Income tax benefit (expense)												(25,205	)
Net income												270,758
Net income attributable to non-controlling interest												(12,371	)
Net income available for common stock											$	258,387


	Consolidating Income Statement
Year ended December 31, 2021	Electric Utilities		Gas Utilities		Corporate		Inter-Company Eliminations			Total

Revenue -
Contracts with customers	$	825,404	$	1,105,430	$	—	$	—		$	1,930,834
Other revenues		5,336		12,932		—		—			18,268
		830,740		1,118,362		—		—			1,949,102
Inter-company operating revenue -
Contracts with customers		11,518		6,110		196		(17,824	)		—
Other revenues		—		393		356,151		(356,544	)		—
		11,518		6,503		356,347		(374,368	)		—
Total revenue		842,258		1,124,865		356,347		(374,368	)		1,949,102

Fuel, purchased power and cost of natural gas sold		248,018		494,738		96		(918	)		741,934
Operations and maintenance, including taxes		260,036		314,810		293,265		(306,325	)		561,786
Depreciation, depletion and amortization		131,528		104,160		26,838		(26,573	)		235,953
Operating income (loss)	$	202,676	$	211,157	$	36,148	$	(40,552	)	$	409,429

Interest expense, net											(152,404	)
Impairment of investment											—
Other income (expense), net											1,404
Income tax benefit (expense)											(7,169	)
Net income											251,260
Net income attributable to non-controlling interest											(14,516	)
Net income available for common stock										$	236,744


	Consolidating Income Statement
Year ended December 31, 2020	Electric Utilities		Gas Utilities		Corporate		Inter-Company Eliminations			Total

Revenue -
Contracts with customers	$	721,108	$	959,696	$	—	$	—		$	1,680,804
Other revenues		6,175		9,962		—		—			16,137
		727,283		969,658		—		—			1,696,941
Inter-company operating revenue -
Contracts with customers		11,574		4,724		167		(16,465	)		—
Other revenues		—		288		352,976		(353,264	)		—
		11,574		5,012		353,143		(369,729	)		—
Total revenue		738,857		974,670		353,143		(369,729	)		1,696,941

Fuel, purchased power and cost of natural gas sold		138,572		354,645		83		(896	)		492,404
Operations and maintenance, including taxes		265,679		303,577		284,501		(301,980	)		551,777
Depreciation, depletion and amortization		123,632		100,559		25,150		(24,884	)		224,457
Operating income (loss)	$	210,974	$	215,889	$	43,409	$	(41,969	)	$	428,303

Interest expense, net											(143,470	)
Impairment of investment											(6,859	)
Other income (expense), net											(2,293	)
Income tax benefit (expense)											(32,918	)
Net income											242,763
Net income attributable to non-controlling interest											(15,155	)
Net income available for common stock										$	227,608

Business Description And Significant Accounting Policies: Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable [Line Items]
Allowance for credit losses	$ (2,953)	$ (2,113)	$ (7,003)	$ (2,444)
Accounts Receivable, after Allowance for Credit Loss, Current, Total	508,192	321,652
Billed Revenues
Accounts Receivable [Line Items]
Accounts Receivable, Trade	267,571	181,027
Unbilled Revenues
Accounts Receivable [Line Items]
Accounts Receivable, Trade	$ 243,574	$ 142,738

Business Description And Significant Accounting Policies: Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts Receivable, Allowance for Credit Loss, Current	$ 2,113	$ 7,003	$ 2,444
Additions Charged to Costs and Expenses	9,110	2,444	8,927
Recoveries and Other Additions	3,529	3,560	4,728
Write-offs and Other Deductions	(11,799)	(10,894)	(9,096)
Accounts Receivable, Allowance for Credit Loss, Current	$ 2,953	$ 2,113	$ 7,003

Business Description And Significant Accounting Policies: Materials, Supplies and Fuel (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Materials and supplies	$ 99,734	$ 86,400
Fuel	3,115	1,267
Natural gas in storage	104,572	63,312
Total materials, supplies and fuel	$ 207,421	$ 150,979

Business Description And Significant Accounting Policies: Property, Plant and Equipment (AFUDC) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts)
AFUDC Borrowed	$ 5,638	$ 4,068	$ 5,617
Other Nonoperating Income (Expense)
AFUDC Equity	$ 644	$ 593	$ 318

Business Description And Significant Accounting Policies: Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill	$ 1,299,454	$ 1,299,454
Electric Utilities
Goodwill [Line Items]
Goodwill	257,244	257,244
Gas Utilities
Goodwill [Line Items]
Goodwill	$ 1,042,210	$ 1,042,210

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Business Description And Significant Accounting Policies: Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Roll Forward]
Intangible assets, net, beginning balance	$ 10,770	$ 11,944	$ 13,266
Intangible assets, amortization expense	(1,181)	(1,174)	(1,322)
Intangible assets, net, ending balance	9,589	$ 10,770	$ 11,944
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Future Amortization Expense, Year Five	$ 1,200
Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Useful Life	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Useful Life	37 years

Business Description And Significant Accounting Policies: Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued employee compensation, benefits and withholdings	$ 62,890	$ 74,387
Accrued property taxes	52,430	50,874
Customer deposits and prepayments	47,655	48,814
Accrued interest	33,798	33,680
Other (none of which is individually significant)	46,684	37,004
Total accrued liabilities	$ 243,457	$ 244,759

Business Description And Significant Accounting Policies: Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income available for common stock	$ 258,387	$ 236,744	$ 227,608
Weighted average shares - Basic (in shares)	64,858	63,219	62,378
Dilutive effect of:
Equity compensation (in shares)	163	106	61
Weighted average shares - diluted (in shares)	65,021	63,325	62,439
Total earnings (loss) per share of common stock, Diluted (usd per share)	$ 3.97	$ 3.74	$ 3.65

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Business Description And Significant Accounting Policies: Anti-dilutive shares (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share
Outstanding securities not included in the computation of diluted earnings per share (in shares)	0	13	60
Equity Compensation
Antidilutive Securities Excluded from Computation of Earnings Per Share
Outstanding securities not included in the computation of diluted earnings per share (in shares)	0	13	60

Regulatory Matters: Regulatory Matters (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2021
Regulatory assets	$ 652,981		$ 796,599
Regulatory assets, current	(260,312)		(270,290)
Regulatory assets, non-current	392,669		526,309
Regulatory liabilities	518,573		502,951
Regulatory liabilities, current	(46,013)		(17,574)
Regulatory liabilities, non-current	$ 472,560		485,377
Maximum
Gas Price Derivatives - Term of Contract	2 years
Deferred energy and gas costs
Regulatory liabilities	$ 24,030		6,113
Employee benefit plan costs and related deferred taxes
Regulatory liabilities	34,258		32,241
Cost of removal
Regulatory liabilities	175,614		179,976
Excess deferred income taxes
Regulatory liabilities	254,833		264,042
Other regulatory liabilities
Regulatory liabilities	29,838		20,579
Storm Costs
Regulatory assets	347,980		509,025
Deferred energy and gas costs
Regulatory assets	72,580		59,973
Deferred gas cost adjustments
Regulatory assets	12,147		9,488
Gas price derivatives
Regulatory assets	8,793		2,584
Deferred taxes on AFUDC
Regulatory assets	7,333		7,457
Employee benefit plans and related deferred taxes
Regulatory assets	89,259		88,923
Environmental
Regulatory assets	1,343		1,385
Loss on reacquired debt
Regulatory assets	19,213		21,011
Deferred taxes on flow through accounting
Regulatory assets	69,529		63,243
Decommissioning costs
Regulatory assets	3,472		5,961
Regulatory Asset, Amortization Period		3 years
Other regulatory assets
Regulatory assets	$ 21,332		$ 27,549

Regulatory Matters: Winter Storm Uri (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Public Utilities, General Disclosures [Line Items]
Regulatory assets	$ 652,981	$ 796,599
Storm Carrying Costs	22,000	4,100
Winter Storm Uri
Public Utilities, General Disclosures [Line Items]
Regulatory assets	546,000
Amount Recovered Through Regulatory Mechanism	174,000	40,000
Storm Carrying Costs One Time True-up to Commission Authorized Rates	10,000
Storm Costs
Public Utilities, General Disclosures [Line Items]
Regulatory assets	$ 347,980	509,025
Storm Costs \| Winter Storm Uri
Public Utilities, General Disclosures [Line Items]
Regulatory assets		$ 546,000
Regulatory Asset, Amortization Period	2 years 7 months 6 days	3 years 6 months
Deferred gas cost adjustments
Public Utilities, General Disclosures [Line Items]
Regulatory assets	$ 12,147	$ 9,488

Regulatory Matters: Tax Cut and Jobs Act (Details) - USD ($) $ in Millions			12 Months Ended
	Jan. 01, 2022	Dec. 21, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 21, 2017	Jan. 26, 2021
Public Utilities, General Disclosures [Line Items]
U.S. federal corporate tax rate		35.00%	21.00%	21.00%	21.00%	35.00%
Colorado Public Utilities Commission (CPUC) \| Black Hills Energy - Colorado Electric
Public Utilities, General Disclosures [Line Items]
Settlement of plan to provide TCJA-related customer billing credits to its customers					$ 9.3
Nebraska Public Service Commission (NPSC) \| Black Hills Energy - Nebraska Gas
Public Utilities, General Disclosures [Line Items]
Settlement of plan to provide TCJA-related customer billing credits to its customers							$ 2.9
Kansas Corporation Commission (KCC) \| Black Hills Energy, Kansas Gas
Public Utilities, General Disclosures [Line Items]
Annual TCJA-Related Customer Billing Credits			$ 2.9
Settlement of Plan to Provide TCJA and State Tax Reform benefits to Customers Annually	$ 3.0
Settlement Total of Plan to Provide TCJA and State Tax Reform benefits to Customers	$ 9.1
Number of Years TCJA and State Tax Reform Benefits to be Provide to Customers	3 years
Annual TCJA-Related Customer Billing Credits			$ 2.9

Regulatory Matters: Gas Utilities Regulatory Activity (Details) $ in Millions	Jan. 26, 2023 USD ($) mi	Oct. 10, 2022 USD ($) Riders mi	Oct. 07, 2022 USD ($) mi	Dec. 30, 2021 USD ($) mi	Dec. 28, 2021 USD ($)	Jul. 06, 2021	Jun. 01, 2021 USD ($) mi	Sep. 11, 2020
Arkansas Public Service Commission (APSC) \| Black Hills Energy - Arkansas Gas \| Settlement agreement reached with APSC Staff and various intervenors
Public Utilities, General Disclosures [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount		$ 8.8
Public Utilities Number Of Former Riders Replaced With A New Comprehensive Safety And Integrity Rider \| Riders		3
Public Utilities Amount of System Safety and Integrety Rider Moved to Base Rates		$ 10.0
Colorado Public Utilities Commission (CPUC) \| Black Hills Energy - Colorado Gas \| Rate Review Filed with the Regulatory Agency
Public Utilities, General Disclosures [Line Items]
Public Utilities - Length of Natural Gas Pipeline to Receive Infrastructure Investments \| mi			600
Public Utilities, Requested Rate Increase (Decrease), Amount			$ 12.3
Public Utilities, Approved Equity Capital Structure, Percentage			52.00%
Public Utilities, Approved Debt Capital Structure, Percentage			48.00%
Public Utilities, Requested Return on Equity, Percentage			12.30%
Public Utilities, Requested Term Extension of System Safety and Integrity Rider								5 years
Colorado Public Utilities Commission (CPUC) \| Black Hills Energy - Colorado Gas \| Settlement agreement reached with CPUC Staff and various intervenors, subject to the review and approval by an Administrative Law Judge and the CPUC.
Public Utilities, General Disclosures [Line Items]
Public Utilities - Length of Natural Gas Pipeline to Receive Infrastructure Investments \| mi							7,000
Public Utilities, Requested Rate Increase (Decrease), Amount							$ 6.5
Public Utilities, Amount of Requested System Safety and Integrity Rider be Moved to Base Rates			$ 7.7
Public Utilities, Approved Equity Capital Structure, Percentage							50.30%
Public Utilities, Approved Debt Capital Structure, Percentage							49.70%
Public Utilities, Approved Return on Equity, Percentage							9.20%
Colorado Public Utilities Commission (CPUC) \| Black Hills Energy - Colorado Gas \| Rate Review Approved by Regulatory Agency
Public Utilities, General Disclosures [Line Items]
Public Utilities, Term Extension of System Safety and Integrity Rider						3 years
Iowa Utilities Board (IUB) \| Black Hills Energy - Iowa Gas \| Settlement Reached with the Regulatory Agency
Public Utilities, General Disclosures [Line Items]
Public Utilities - Length of Natural Gas Pipeline to Receive Infrastructure Investments \| mi							5,000
Public Utilities, Approved Equity Capital Structure, Percentage					50.00%
Public Utilities, Approved Debt Capital Structure, Percentage					50.00%
Public Utilities, Approved Return on Equity, Percentage					9.60%
Public Utilities, Approved Rate Increase (Decrease), Amount					$ 3.7
Public Utilities Amount of System Safety and Integrety Rider Moved to Base Rates							$ 2.2
Kansas Corporation Commission (KCC) \| Black Hills Energy, Kansas Gas \| Global Settlement agreement with KCC Staff and various intervenors for a general rate increase and renewal of its safety and integrity rider.
Public Utilities, General Disclosures [Line Items]
Public Utilities - Length of Natural Gas Pipeline to Receive Infrastructure Investments \| mi				4,600
Public Utilities Amount of System Safety and Integrety Rider Moved to Base Rates				$ 6.6
Public Utilities, Term Extension of System Safety and Integrity Rider				5 years
Arkansas Public Service Commission \| Black Hills Energy - Arkansas Gas \| Rate Review Filed with the Regulatory Agency
Public Utilities, General Disclosures [Line Items]
Public Utilities - Length of Natural Gas Pipeline to Receive Infrastructure Investments \| mi		7,200
Arkansas Public Service Commission \| Black Hills Energy - Arkansas Gas \| Settlement agreement reached with APSC Staff and various intervenors
Public Utilities, General Disclosures [Line Items]
Public Utilities, Approved Equity Capital Structure, Percentage		45.00%
Public Utilities, Approved Debt Capital Structure, Percentage		55.00%
Public Utilities, Requested Return on Equity, Percentage		9.60%
Subsequent Event \| Wyoming Public Service Commission \| Wyoming Electric \| Rate Review Filed with the Regulatory Agency
Public Utilities, General Disclosures [Line Items]
Public Utilities - Length of Electric Distribution Lines to Receive Infrastructure Investments \| mi	1,330
Public Utilities - Length of Electric Transmission Lines to Receive Infrastructure Investments \| mi	59
Public Utilities, Requested Rate Increase (Decrease), Amount	$ 8.7
Public Utilities, Approved Equity Capital Structure, Percentage	52.00%
Public Utilities, Approved Debt Capital Structure, Percentage	48.00%
Public Utilities, Requested Return on Equity, Percentage	9.75%

Regulatory Matters: Electric Utilities Regulatory Activity (Details) $ in Millions		12 Months Ended	24 Months Ended
	Oct. 15, 2020 MW	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Black Hills Energy - South Dakota Electric \| Federal Energy Regulatory Commission (FERC) Common Use System (CUS)
Public Utilities, General Disclosures [Line Items]
Annual Revenue Requirement, as Required by the FERC Joint-Access Transmission Tariff		$ 30
Capital Addition Requirements by the FERC Joint-Access Transmission Tariff			$ 30
Black Hills Wyoming and Wyoming Electric \| Federal Energy Regulatory Commission (FERC)
Public Utilities, General Disclosures [Line Items]
Number of Megawatts Capacity Purchased \| MW	60
Long-term Purchase Commitment, Period	11 years

Commitment, Contingencies And Guarantees: Unconditional Purchase Obligations (Details) $ in Thousands	24 Months Ended
	Dec. 31, 2022 USD ($)
Gas Utilities
Unrecorded Unconditional Purchase Obligation [Line Items]
Term of Evergreen Contracts	60 days
PPAs
Unrecorded Unconditional Purchase Obligation [Line Items]
2023	$ 11,175
2024	2,738
Total future commitments	13,913
Transmission Services Agreements
Unrecorded Unconditional Purchase Obligation [Line Items]
2023	12,320
Total future commitments	12,320
Natural gas supply, transportation and storage agreements
Unrecorded Unconditional Purchase Obligation [Line Items]
2023	130,031
2024	98,881
2025	72,662
2026	45,102
2027	14,862
Thereafter	56,595
Total future commitments	$ 418,133

Commitment, Contingencies And Guarantees: Lease Agreements (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2023	$ 2,381
2024	2,125
2025	2,070
2026	1,881
2027	1,845
Thereafter	49,387
Total lease receivables	$ 59,689
Minimum
Lessor, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	1 year
Lessor - lease term	1 year
Maximum
Lessor, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	33 years
Lessor - lease term	34 years

Commitment, Contingencies And Guarantees: Reclamation Liability (Details) - Electric Utilities $ in Millions	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies - Pueblo Airport Generation Site	$ 4.1
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent

Commitment, Contingencies And Guarantees: Manufactured Gas Processing (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Regulatory assets	$ 652,981	$ 796,599
Environmental
Loss Contingencies [Line Items]
Regulatory assets	1,343	$ 1,385
Manufactured Gas Plant \| Gas Utilities
Loss Contingencies [Line Items]
Insurance Settlements Receivable, Noncurrent	1,300
Manufactured Gas Plant \| Gas Utilities \| Black Hills Energy - Iowa Gas
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies, Gross	2,600
Manufactured Gas Plant \| Gas Utilities \| Black Hills Energy - Nebraska Gas
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies, Gross	600
Manufactured Gas Plant \| Gas Utilities \| Environmental
Loss Contingencies [Line Items]
Regulatory assets	$ 1,300

Commitments, Contingencies and Guarantees: GT Resources, LLC v Black Hills Corp (Details) - GT Resources, LLC - Pending Litigation a in Millions, $ in Millions	Apr. 13, 2022 USD ($) a
Loss Contingencies [Line Items]
Loss Contingency, Damages Awarded, Value \| $	$ 41
Loss Contingency, Concession Award, Area \| a	2.3

Commitment, Contingencies And Guarantees: Guarantees (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Guarantor Obligations [Line Items]
Guarantor, Maximum Exposure	$ 592,282
Surety Bond
Guarantor Obligations [Line Items]
Guarantor, Maximum Exposure	107,314
Guarantor Subsidiaries
Guarantor Obligations [Line Items]
Guarantor, Maximum Exposure	$ 484,968

Revenue: Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from contracts with customers	$ 2,542,856	$ 1,930,834	$ 1,680,804
Revenue	2,551,816	1,949,102	1,696,941
Retail - Electric , Natural Gas and Coal
Revenue from contracts with customers	2,193,000	1,625,173	1,402,824
Transportation
Revenue from contracts with customers	172,862	157,625	154,055
Wholesale
Revenue from contracts with customers	44,832	30,848	24,845
Market - off-system sales
Revenue from contracts with customers	49,407	42,078	15,772
Transmission/Other
Revenue from contracts with customers	82,755	75,110	83,308
Other revenues
Revenue	8,960	18,268	16,137
Services transferred at a point in time
Revenue from contracts with customers	30,454	27,141	27,089
Services transferred over time
Revenue from contracts with customers	2,512,402	1,903,693	1,653,715
Electric Utilities
Revenue from contracts with customers	894,614	836,923	732,681
Revenue	900,162	842,258	738,857
Electric Utilities \| Retail - Electric , Natural Gas and Coal
Revenue from contracts with customers	739,734	711,448	636,902
Electric Utilities \| Transportation
Revenue from contracts with customers	0	0	0
Electric Utilities \| Wholesale
Revenue from contracts with customers	44,832	30,848	24,845
Electric Utilities \| Market - off-system sales
Revenue from contracts with customers	48,578	41,682	15,512
Electric Utilities \| Transmission/Other
Revenue from contracts with customers	61,470	52,945	55,422
Electric Utilities \| Other revenues
Revenue	5,548	5,335	6,176
Electric Utilities \| Services transferred at a point in time
Revenue from contracts with customers	30,454	27,141	27,089
Electric Utilities \| Services transferred over time
Revenue from contracts with customers	864,160	809,782	705,592
Gas Utilities
Revenue from contracts with customers	1,665,249	1,111,539	964,421
Revenue	1,669,090	1,124,865	974,670
Gas Utilities \| Retail - Electric , Natural Gas and Coal
Revenue from contracts with customers	1,453,266	913,725	765,922
Gas Utilities \| Transportation
Revenue from contracts with customers	173,275	158,053	154,581
Gas Utilities \| Wholesale
Revenue from contracts with customers	0	0	0
Gas Utilities \| Market - off-system sales
Revenue from contracts with customers	829	396	260
Gas Utilities \| Transmission/Other
Revenue from contracts with customers	37,879	39,365	43,658
Gas Utilities \| Other revenues
Revenue	3,841	13,326	10,249
Gas Utilities \| Services transferred at a point in time
Revenue from contracts with customers	0	0	0
Gas Utilities \| Services transferred over time
Revenue from contracts with customers	1,665,249	1,111,539	964,421
Intercompany Eliminations
Revenue from contracts with customers	(17,007)	(17,628)	(16,298)
Revenue	(17,436)	(18,021)	(16,586)
Intercompany Eliminations \| Retail - Electric , Natural Gas and Coal
Revenue from contracts with customers	0	0	0
Intercompany Eliminations \| Transportation
Revenue from contracts with customers	(413)	(428)	(526)
Intercompany Eliminations \| Wholesale
Revenue from contracts with customers	0	0	0
Intercompany Eliminations \| Market - off-system sales
Revenue from contracts with customers	0	0	0
Intercompany Eliminations \| Transmission/Other
Revenue from contracts with customers	(16,594)	(17,200)	(15,772)
Intercompany Eliminations \| Other revenues
Revenue	(429)	(393)	(288)
Intercompany Eliminations \| Services transferred at a point in time
Revenue from contracts with customers	0	0	0
Intercompany Eliminations \| Services transferred over time
Revenue from contracts with customers	$ (17,007)	$ (17,628)	$ (16,298)

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total gross property, plant and equipment	$ 8,374,790	$ 7,856,573
Less accumulated depreciation and depletion	(1,576,842)	(1,407,397)
Property, plant and equipment of variable interest entities, net	6,797,948	6,449,176
Corporate, Non-Segment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment	5,685	5,694
Construction in progress, gross	13,690	8,460
Total gross property, plant and equipment	19,375	14,154
Less accumulated depreciation and depletion	(1,773)	(1,544)
Property, plant and equipment of variable interest entities, net	$ 17,602	$ 12,610
Weighted Average \| Corporate, Non-Segment
Property, Plant and Equipment [Line Items]
Weighted average useful life	11 years	10 years
Minimum \| Corporate, Non-Segment
Property, Plant and Equipment [Line Items]
Weighted average useful life	4 years
Maximum \| Corporate, Non-Segment
Property, Plant and Equipment [Line Items]
Weighted average useful life	24 years
Production, Gas \| Weighted Average
Property, Plant and Equipment [Line Items]
Weighted average useful life	45 years	40 years
Production, Gas \| Minimum
Property, Plant and Equipment [Line Items]
Weighted average useful life	24 years
Production, Gas \| Maximum
Property, Plant and Equipment [Line Items]
Weighted average useful life	47 years
Gas transmission \| Weighted Average
Property, Plant and Equipment [Line Items]
Weighted average useful life	58 years	58 years
Gas transmission \| Minimum
Property, Plant and Equipment [Line Items]
Weighted average useful life	32 years
Gas transmission \| Maximum
Property, Plant and Equipment [Line Items]
Weighted average useful life	72 years
Gas distribution \| Weighted Average
Property, Plant and Equipment [Line Items]
Weighted average useful life	57 years	53 years
Gas distribution \| Minimum
Property, Plant and Equipment [Line Items]
Weighted average useful life	48 years
Gas distribution \| Maximum
Property, Plant and Equipment [Line Items]
Weighted average useful life	60 years
Cushion gas - depreciable \| Weighted Average
Property, Plant and Equipment [Line Items]
Weighted average useful life		28 years
Gas, Storage \| Weighted Average
Property, Plant and Equipment [Line Items]
Weighted average useful life	41 years	38 years
Gas, Storage \| Minimum
Property, Plant and Equipment [Line Items]
Weighted average useful life	36 years
Gas, Storage \| Maximum
Property, Plant and Equipment [Line Items]
Weighted average useful life	48 years
General \| Weighted Average
Property, Plant and Equipment [Line Items]
Weighted average useful life	23 years	21 years
General \| Minimum
Property, Plant and Equipment [Line Items]
Weighted average useful life	3 years
General \| Maximum
Property, Plant and Equipment [Line Items]
Weighted average useful life	25 years
Electric Utilities
Property, Plant and Equipment [Line Items]
Total plant in service before construction work in progress	$ 4,190,734	$ 3,991,095
Construction work in progress	152,953	181,451
Property, Plant and Equipment	4,343,687	4,172,546
Less accumulated depreciation and depletion	(1,104,056)	(1,016,738)
Property, plant and equipment of variable interest entities, net	$ 3,239,631	3,155,808
Depreciation, depletion and amortization, remaining amortization period	8 years
Electric Utilities \| Production, Electric
Property, Plant and Equipment [Line Items]
Production, processing and storage	$ 1,482,081	$ 1,452,055
Electric Utilities \| Production, Electric \| Weighted Average
Property, Plant and Equipment [Line Items]
Weighted average useful life	41 years	41 years
Electric Utilities \| Production, Electric \| Minimum
Property, Plant and Equipment [Line Items]
Weighted average useful life	32 years
Electric Utilities \| Production, Electric \| Maximum
Property, Plant and Equipment [Line Items]
Weighted average useful life	46 years
Electric Utilities \| Electric transmission
Property, Plant and Equipment [Line Items]
Transmission	$ 632,872	$ 546,126
Electric Utilities \| Electric transmission \| Weighted Average
Property, Plant and Equipment [Line Items]
Weighted average useful life	48 years	49 years
Electric Utilities \| Electric transmission \| Minimum
Property, Plant and Equipment [Line Items]
Weighted average useful life	40 years
Electric Utilities \| Electric transmission \| Maximum
Property, Plant and Equipment [Line Items]
Weighted average useful life	51 years
Electric Utilities \| Electric distribution
Property, Plant and Equipment [Line Items]
Distribution	$ 1,082,535	$ 1,000,619
Electric Utilities \| Electric distribution \| Weighted Average
Property, Plant and Equipment [Line Items]
Weighted average useful life	47 years	47 years
Electric Utilities \| Electric distribution \| Minimum
Property, Plant and Equipment [Line Items]
Weighted average useful life	45 years
Electric Utilities \| Electric distribution \| Maximum
Property, Plant and Equipment [Line Items]
Weighted average useful life	50 years
Electric Utilities \| Integrated Generation
Property, Plant and Equipment [Line Items]
Plant acquisition adjustment	$ 713,519	$ 720,490
Electric Utilities \| Integrated Generation \| Weighted Average
Property, Plant and Equipment [Line Items]
Weighted average useful life	31 years	30 years
Electric Utilities \| Integrated Generation \| Minimum
Property, Plant and Equipment [Line Items]
Weighted average useful life	19 years
Electric Utilities \| Integrated Generation \| Maximum
Property, Plant and Equipment [Line Items]
Weighted average useful life	38 years
Electric Utilities \| Plant acquisition adjustment
Property, Plant and Equipment [Line Items]
Plant acquisition adjustment	$ 4,870	$ 4,870
Electric Utilities \| Plant acquisition adjustment \| Weighted Average
Property, Plant and Equipment [Line Items]
Weighted average useful life	32 years	32 years
Electric Utilities \| Plant acquisition adjustment \| Minimum
Property, Plant and Equipment [Line Items]
Weighted average useful life	32 years
Electric Utilities \| Plant acquisition adjustment \| Maximum
Property, Plant and Equipment [Line Items]
Weighted average useful life	32 years
Electric Utilities \| General
Property, Plant and Equipment [Line Items]
General	$ 274,857	$ 266,935
Electric Utilities \| General \| Weighted Average
Property, Plant and Equipment [Line Items]
Weighted average useful life	27 years	28 years
Electric Utilities \| General \| Minimum
Property, Plant and Equipment [Line Items]
Weighted average useful life	24 years
Electric Utilities \| General \| Maximum
Property, Plant and Equipment [Line Items]
Weighted average useful life	31 years
Gas Utilities
Property, Plant and Equipment [Line Items]
Total plant in service before construction work in progress	$ 3,959,687	$ 3,632,013
Construction in progress, gross	52,041	37,860
Total gross property, plant and equipment	4,011,728	3,669,873
Less accumulated depreciation and depletion	(471,013)	(389,115)
Property, plant and equipment of variable interest entities, net	3,540,715	3,280,758
Gas Utilities \| Production, Gas
Property, Plant and Equipment [Line Items]
Production, processing and storage	17,843	14,841
Gas Utilities \| Gas transmission
Property, Plant and Equipment [Line Items]
Transmission	695,345	645,550
Gas Utilities \| Gas distribution
Property, Plant and Equipment [Line Items]
Distribution	2,620,174	2,394,352
Gas Utilities \| Cushion gas - depreciable
Property, Plant and Equipment [Line Items]
Production, processing and storage		3,539
Gas Utilities \| Cushion gas - not depreciable
Property, Plant and Equipment [Line Items]
Production, processing and storage	63,137	42,478
Gas Utilities \| Gas, Storage
Property, Plant and Equipment [Line Items]
Production, processing and storage	65,781	56,289
Gas Utilities \| General
Property, Plant and Equipment [Line Items]
General	$ 497,407	$ 474,964

Jointly Owned Facilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Wyodak Plant
Jointly Owned Utility Plant Interests [Line Items]
Ownership Interest	20.00%
Plant in Service	$ 121,769
Construction Work in Progress	93
Less Accumulated Depreciation	(70,884)
Plant Net of Accumulated Depreciation	$ 50,978
Transmission Tie
Jointly Owned Utility Plant Interests [Line Items]
Ownership Interest	35.00%
Plant in Service	$ 24,482
Construction Work in Progress	300
Less Accumulated Depreciation	(7,375)
Plant Net of Accumulated Depreciation	$ 17,407
Wygen III Generating Facility
Jointly Owned Utility Plant Interests [Line Items]
Ownership Interest	52.00%
Plant in Service	$ 143,818
Construction Work in Progress	1,051
Less Accumulated Depreciation	(29,634)
Plant Net of Accumulated Depreciation	$ 115,235
Wygen I Generating Facility
Jointly Owned Utility Plant Interests [Line Items]
Ownership Interest	76.50%
Plant in Service	$ 114,811
Construction Work in Progress	1,579
Less Accumulated Depreciation	(56,553)
Plant Net of Accumulated Depreciation	$ 59,837

Asset Retirement Obligations (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Beginning Balance

$ 75,544

$ 71,431

Liabilities Incurred

Liabilities Settled

(3,161)

(1,044)

Accretion

3,369

3,048

Revisions to Prior Estimates

13,176

2,109

Ending Balance

88,928

75,544

Electric Utilities

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Beginning Balance

30,089

29,157

Liabilities Incurred

Liabilities Settled

(3,003)

(978)

Accretion

1,353

1,315

Revisions to Prior Estimates

(856)

595

Ending Balance

27,583

30,089

Gas Utilities

Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]

Beginning Balance

^[1]

45,455

42,274

Liabilities Incurred

^[1]

Liabilities Settled

(158)

(66)

^[1]

Accretion

2,016

1,733

^[1]

Revisions to Prior Estimates

14,032

1,514

^[1]

Ending Balance

$ 61,345

$ 45,455

^[1]

[1]	The Revisions to Prior Estimates were primarily driven by changes in estimates associated with natural gas wells and compressor stations.

Financing: Short-Term Debt: (Details)		3 Months Ended	12 Months Ended
Financing: Short-Term Debt: (Details)	Feb. 24, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) CreditExtension	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 19, 2021 USD ($)
Short-term Debt [Line Items]
Amount outstanding			$ 535,600,000	$ 420,180,000
Commercial Paper, Maximum Borrowing Capacity			750,000,000
Term Loan - borrowings			0	800,000,000	$ 0
Repayments of Other Short-term Debt			$ 0	800,000,000	$ 0
Commercial Paper
Short-term Debt [Line Items]
Debt Instrument, Term			397 days
Line of Credit \| Senior Unsecured Notes Due 2021
Short-term Debt [Line Items]
Debt Instrument, Term	9 months
Term Loan - borrowings	$ 800,000,000
Prepayment penalty			$ 0
Repayments of Other Short-term Debt		$ 200,000,000
Revolving Credit Facility
Short-term Debt [Line Items]
Line of Credit Facility, Current Borrowing Capacity						$ 750,000,000
Number Of One-Year Extension Options \| CreditExtension			2
Debt Instrument, Term			1 year
Maximum amount outstanding (based on daily outstanding balances)						$ 1,000,000,000.0
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.175%
Debt Issuance Cost, Gross, Noncurrent			$ 8,900,000
Revolving Credit Facility \| Base Rate
Short-term Debt [Line Items]
Weighted average interest rates			0.125%
Revolving Credit Facility \| Eurodollar
Short-term Debt [Line Items]
Weighted average interest rates			1.125%
Revolving Credit Facility \| Letter of Credit
Short-term Debt [Line Items]
Weighted average interest rates			1.125%
Revolving Credit Facility \| Commercial Paper
Short-term Debt [Line Items]
Amount outstanding			$ 535,600,000	420,180,000
Letters of credit			24,626,000	27,209,000
Available capacity			189,774,000	302,611,000
Maximum amount outstanding (based on daily outstanding balances)			572,300,000	440,000,000
Average amount outstanding (based on daily outstanding balances)			$ 390,653,000	$ 258,392,000
Weighted average interest rates			2.11%	0.22%
Weighted average interest rates			4.88%	0.30%

Financing: Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Aug. 26, 2021	Jun. 17, 2020
Debt Instrument [Line Items]
Total long-term debt	$ 4,154,672	$ 4,153,801
Less current maturities	525,000	0
Less unamortized deferred financing costs	22,332	26,878
Long-term debt, net of current maturities	3,607,340	4,126,923
Revolving Credit Facility
Debt Instrument [Line Items]
Less unamortized deferred financing costs	1,800	2,500
Senior Unsecured Notes Due 2024
Debt Instrument [Line Items]
Stated interest rate (percent)			1.037%	2.50%
Less unamortized deferred financing costs			$ 3,700
Black Hills Corporation \| Corporate, Non-Segment
Debt Instrument [Line Items]
Long-term debt		3,625,000
Less unamortized debt discount	(5,259)	(6,125)
Total long-term debt	$ 3,619,741	3,618,875
Black Hills Corporation \| Corporate, Non-Segment \| Senior Unsecured Notes Due 2023
Debt Instrument [Line Items]
Stated interest rate (percent)	4.25%
Long-term debt	$ 525,000	525,000
Black Hills Corporation \| Corporate, Non-Segment \| Senior Unsecured Notes Due 2024
Debt Instrument [Line Items]
Stated interest rate (percent)	1.04%
Long-term debt	$ 600,000	600,000
Black Hills Corporation \| Corporate, Non-Segment \| Senior Unsecured Notes Due 2026
Debt Instrument [Line Items]
Stated interest rate (percent)	3.95%
Long-term debt	$ 300,000	300,000
Black Hills Corporation \| Corporate, Non-Segment \| Senior Unsecured Notes Due 2027
Debt Instrument [Line Items]
Stated interest rate (percent)	3.15%
Long-term debt	$ 400,000	400,000
Black Hills Corporation \| Corporate, Non-Segment \| Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Stated interest rate (percent)	3.05%
Long-term debt	$ 400,000	400,000
Black Hills Corporation \| Corporate, Non-Segment \| Senior Unsecured Notes Due 2030
Debt Instrument [Line Items]
Stated interest rate (percent)	2.50%
Long-term debt	$ 400,000	400,000
Black Hills Corporation \| Corporate, Non-Segment \| Senior Unsecured Notes Due 2033
Debt Instrument [Line Items]
Stated interest rate (percent)	4.35%
Long-term debt	$ 400,000	400,000
Black Hills Corporation \| Corporate, Non-Segment \| Senior Unsecured Notes Due 2046
Debt Instrument [Line Items]
Stated interest rate (percent)	4.20%
Long-term debt	$ 300,000	300,000
Black Hills Corporation \| Corporate, Non-Segment \| Senior Unsecured Notes Due 2049
Debt Instrument [Line Items]
Stated interest rate (percent)	3.88%
Long-term debt	$ 300,000	300,000
Black Hills Energy - South Dakota Electric \| Electric Utilities
Debt Instrument [Line Items]
Long-term debt	340,000	340,000
Less unamortized debt discount	(69)	(74)
Total long-term debt	$ 339,931	339,926
Black Hills Energy - South Dakota Electric \| Electric Utilities \| First Mortgage Bonds Due 2032
Debt Instrument [Line Items]
Stated interest rate (percent)	7.23%
Long-term debt	$ 75,000	75,000
Black Hills Energy - South Dakota Electric \| Electric Utilities \| First Mortgage Bonds Due 2039
Debt Instrument [Line Items]
Stated interest rate (percent)	6.13%
Long-term debt	$ 180,000	180,000
Black Hills Energy - South Dakota Electric \| Electric Utilities \| First Mortgage Bonds Due 2044
Debt Instrument [Line Items]
Stated interest rate (percent)	4.43%
Long-term debt	$ 85,000	85,000
Wyoming Electric \| Electric Utilities
Debt Instrument [Line Items]
Long-term debt	195,000	195,000
Total long-term debt	195,000	195,000
Wyoming Electric \| Electric Utilities \| Senior Unsecured Notes Due 2027
Debt Instrument [Line Items]
Long-term debt	$ 10,000
Wyoming Electric \| Electric Utilities \| First Mortgage Bonds Due 2044
Debt Instrument [Line Items]
Stated interest rate (percent)	4.53%
Long-term debt	$ 75,000	75,000
Wyoming Electric \| Electric Utilities \| Industrial Development Revenue Bonds Due 2027
Debt Instrument [Line Items]
Variable interest rate (percent)	3.68%
Long-term debt	$ 10,000	10,000
Wyoming Electric \| Electric Utilities \| First Mortgage Bonds Due 2037
Debt Instrument [Line Items]
Stated interest rate (percent)	6.67%
Long-term debt	$ 110,000	$ 110,000

Financing: Long-Term Debt: Aggregate Maturities of Long Term Debt and Associated Interest Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Principal Payments on Long-term Debt Including Current Maturities
Debt Instrument [Line Items]
2023	$ 525,000
2024	600,000
2025	0
2026	300,000
2027	410,000
Thereafter	2,325,000
Total	4,160,000
Interest Payments on Long-term Debt
Debt Instrument [Line Items]
2023	148,125
2024	125,813
2025	119,591
2026	113,666
2027	101,134
Thereafter	994,804
Total	$ 1,603,133

Financing: Long-Term Debt: Debt Transactions (Details) - USD ($) $ in Thousands	Aug. 26, 2021	Jun. 17, 2020	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less unamortized deferred financing costs			$ 22,332	$ 26,878
Senior Unsecured Notes Due 2024
Debt Instrument [Line Items]
Stated interest rate (percent)	1.037%	2.50%
Debt Instrument, Term	3 years	10 years
Less unamortized deferred financing costs	$ 3,700
Corporate, Non-Segment \| Senior Unsecured Notes Due 2024
Debt Instrument [Line Items]
Proceeds from Issuance of Debt	$ 600,000	$ 400,000

Financing: Long-Term Debt: Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Deferred Financing Costs	$ 22,332	$ 26,878
Amortization expense for deferred financing costs	$ 4,549	$ 3,769	$ 3,272

Financing: Debt Covenants (Details)	Dec. 31, 2022
Debt Instrument [Line Items]
Consolidated Indebtedness to Capitalization Ratio	0.609
Maximum
Debt Instrument [Line Items]
Consolidated Indebtedness to Capitalization Ratio	0.65
Maximum \| Wyoming Electric
Debt Instrument [Line Items]
Consolidated Indebtedness to Capitalization Ratio	0.60

Financing: Dividend Restrictions (Details) $ in Millions	Dec. 31, 2022 USD ($)
Utilities Group
Debt Instrument [Line Items]
Restricted Net Assets for Subsidiaries	$ 155

Financing: At-the-Market Equity Offering Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Feb. 27, 2020	Aug. 03, 2020	Aug. 02, 2020
At The Market Equity Offering Program Authorized Aggregate Value		$ 400	$ 300
Private Placement
Sale of Stock, Number of Shares Issued in Transaction	1.2
Sale of Stock, Price Per Share	$ 81.77
Sale of Stock, Consideration Received on Transaction	$ 99

Financing: Summary of ATM Activity (Details) - Common Stock - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of shares issued	1,307,755	1,812,197	0
Average price per share	$ 69.74	$ 66.18	$ 0
Proceeds, (net of issuance costs)	$ 90.3	$ 118.8	$ 0.0

Financing: Summary of ATM Activity (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common Stock
Payments of Stock Issuance Costs	$ (0.9)	$ (1.1)	$ 0.0

Financing: Equity Issuance (Details) - Private Placement $ / shares in Units, shares in Millions, $ in Millions	Feb. 27, 2020 USD ($) $ / shares shares
Sale of Stock, Number of Shares Issued in Transaction \| shares	1.2
Sale of Stock, Price Per Share \| $ / shares	$ 81.77
Sale of Stock, Consideration Received on Transaction	$ 99.0
Payments of Stock Issuance Costs	$ 1.0

Financing: Shareholder Dividend Reinvestment and Stock Purchase Plan (Details)	Dec. 31, 2022 shares
Class of Stock [Line Items]
Unissued Shares Available	74,198
Dividend Reinvestment Plan
Class of Stock [Line Items]
Percent of recent average market price	100.00%

Financing: Preferred Stock (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Preferred Stock, Shares Authorized	25,000,000
Preferred Stock, Shares Outstanding	0	0

Risk Management and Derivatives: Utilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) MMBTU	Dec. 31, 2021 MMBTU
Derivative [Line Items]
Credit Risk Derivative Liabilities, at Fair Value \| $	$ 2.9
Natural Gas, Distribution \| Cash Flow Hedging
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	1,646,200
Natural Gas, Distribution \| Natural gas futures purchased
Derivative [Line Items]
Derivative, Remaining Maturity	3 months	3 months
Natural Gas, Distribution \| Natural gas futures purchased \| Long
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	630,000	590,000
Natural Gas, Distribution \| Natural gas options purchased, net
Derivative [Line Items]
Derivative, Remaining Maturity	3 months	3 months
Natural Gas, Distribution \| Natural gas options purchased, net \| Long
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	1,790,000	3,100,000
Natural Gas, Distribution \| Natural gas basis swaps purchased
Derivative [Line Items]
Derivative, Remaining Maturity	3 months	3 months
Natural Gas, Distribution \| Natural gas basis swaps purchased \| Long
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	900,000	870,000
Natural Gas, Distribution \| Natural gas over-the-counter swaps, net
Derivative [Line Items]
Derivative, Remaining Maturity	24 months	34 months
Natural Gas, Distribution \| Natural gas over-the-counter swaps, net \| Long
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	4,460,000	4,570,000
Natural Gas, Distribution \| Natural gas physical contracts, net
Derivative [Line Items]
Derivative, Remaining Maturity	12 months	24 months
Natural Gas, Distribution \| Natural gas physical contracts, net \| Long
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	17,864,412	16,416,677

Risk Management and Derivatives: Derivatives by Balance Sheet Classification (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ (1,387)	$ 2,035
Commodity Contract \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	(4,114)	1,701
Derivative assets, current \| Commodity Contract \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	118	2,017
Derivative assets, current \| Commodity Contract \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	464	2,356
Other assets, non-current \| Commodity Contract \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	198	18
Other assets, non-current \| Commodity Contract \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	337	804
Derivative liabilities, current \| Commodity Contract \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	(1,703)
Derivative liabilities, current \| Commodity Contract \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	(4,897)	(1,439)
Other deferred credits and other liabilities \| Commodity Contract \| Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ (18)	$ (20)

Risk Management and Derivatives: Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest rate swaps
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 4,500
Designated as Hedging Instrument
Derivative [Line Items]
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	(682)	$ 4,803	$ 3,391
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (142)	$ (800)	$ (3,452)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest
Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	$ 2,850	$ 2,851	$ 2,851
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion	$ (2,850)	$ (2,851)	$ (2,851)
Derivative Instrument, Loss Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Costs Incurred	Interest Costs Incurred	Interest Costs Incurred
Designated as Hedging Instrument \| Commodity Contract
Derivative [Line Items]
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	$ (3,532)	$ 1,952	$ 540
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion			$ (601)
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion	$ 2,708	$ 2,051
Derivative Instrument, Loss Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]			Fuel, Purchased Power and Cost of Gas Sold
Derivative Instrument, Gain Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Fuel, Purchased Power and Cost of Gas Sold	Fuel, Purchased Power and Cost of Gas Sold

Risk Management and Derivatives: Derivatives Not Designated as Hedge Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Regulatory assets	$ 652,981	$ 796,599
Gas price derivatives
Derivative [Line Items]
Regulatory assets	8,793	2,584
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (797)	$ 2,455	$ 1,784
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fuel, Purchased Power and Cost of Gas Sold	Fuel, Purchased Power and Cost of Gas Sold	Fuel, Purchased Power and Cost of Gas Sold
Not Designated as Hedging Instrument \| Electricity
Derivative [Line Items]
Derivative, Loss on Derivative		$ (144)
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]		Fuel, Purchased Power and Cost of Gas Sold
Derivative, Gain on Derivative	$ 0		$ 144
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]	Fuel, Purchased Power and Cost of Gas Sold		Fuel, Purchased Power and Cost of Gas Sold
Not Designated as Hedging Instrument \| Natural Gas
Derivative [Line Items]
Derivative, Loss on Derivative	$ (797)
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Fuel, Purchased Power and Cost of Gas Sold
Derivative, Gain on Derivative		$ 2,599	$ 1,640
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]		Fuel, Purchased Power and Cost of Gas Sold	Fuel, Purchased Power and Cost of Gas Sold

Fair Value Measurements: Schedule of Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Derivative Asset, Current	Derivative Asset, Current
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Derivative Liability, Current	Derivative Liability, Current
Contract Subject to Master Netting
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 4,300	$ 2,400
Derivative Liability, Fair Value, Gross Liability	4,800	1,800
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(4,290)	(2,374)
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(4,837)	(1,814)
Fair Value, Measurements, Recurring \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, Total	1,117	5,195
Derivative Liabilities, Total	6,618	1,459
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, Total	0	0
Derivative Liabilities, Total	0	0
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, Total	5,407	7,569
Derivative Liabilities, Total	11,455	3,273
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, Total	0	0
Derivative Liabilities, Total	0	0
Fair Value, Measurements, Recurring \| Gas Utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(4,290)	(2,374)
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(4,837)	(1,814)
Fair Value, Measurements, Recurring \| Gas Utilities \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, Fair Value Disclosure	1,117	5,195
Derivative, Liabilities, Fair Value Disclosure	6,618	1,459
Fair Value, Measurements, Recurring \| Gas Utilities \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, Fair Value Disclosure	0	0
Derivative, Liabilities, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring \| Gas Utilities \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, Fair Value Disclosure	5,407	7,569
Derivative, Liabilities, Fair Value Disclosure	11,455	3,273
Fair Value, Measurements, Recurring \| Gas Utilities \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, Fair Value Disclosure	0	0
Derivative, Liabilities, Fair Value Disclosure		$ 0

Fair Value Measurements: Other Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	$ 4,132,340	$ 4,126,923
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	$ 3,760,848	$ 4,570,619

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Other Comprehensive Income: Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest expense	$ 162,584	$ 154,112	$ 144,931
Fuel, purchased power and cost of natural gas sold	1,230,550	741,934	492,404
Operations and maintenance	548,430	501,690	495,404
Income Tax Expense (Benefit)	(25,205)	(7,169)	(32,918)
Net income	270,758	251,260	$ 242,763
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net income	(544)	(2,280)
Cash Flow Hedging \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income before income taxes	(142)	(800)
Income Tax Expense (Benefit)	58	175
Net income	(84)	(625)
Cash Flow Hedging \| Reclassification out of Accumulated Other Comprehensive Income \| Interest Rate Swap
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest expense	(2,850)	(2,851)
Cash Flow Hedging \| Reclassification out of Accumulated Other Comprehensive Income \| Commodity Contract
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Fuel, purchased power and cost of natural gas sold	2,708	2,051
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Operations and maintenance	93	98
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Operations and maintenance	(751)	(2,391)
Accumulated Defined Benefit Plans Adjustment \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Income before income taxes	(658)	(2,293)
Income Tax Expense (Benefit)	198	638
Net income	$ (460)	$ (1,655)

Other Comprehensive Income: Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start	$ (20,084)	$ (27,346)
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End	(15,567)	(20,084)
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start	(11,176)	(14,790)
Other comprehensive income (loss), before reclassifications	4,604	1,959
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End	(6,112)	(11,176)
Accumulated Defined Benefit Plans Adjustment \| Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from AOCI	460	1,655
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications	3,973	4,982
Accumulated Other Comprehensive Income (Loss) \| Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from AOCI	544	2,280
Interest Rate Swap \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start	(10,384)	(12,558)
Other comprehensive income (loss), before reclassifications	0	0
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End	(8,255)	(10,384)
Interest Rate Swap \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges \| Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from AOCI	2,129	2,174
Commodity Contract \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period Start	1,476	2
Other comprehensive income (loss), before reclassifications	(631)	3,023
Accumulated Other Comprehensive Income (Loss), Net of Tax, Period End	(1,200)	1,476
Commodity Contract \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges \| Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from AOCI	$ (2,045)	$ (1,549)

Variable Interest Entity: (Details) $ in Thousands		12 Months Ended
Variable Interest Entity: (Details) $ in Thousands	Apr. 14, 2016	Dec. 31, 2022 USD ($) MW	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Variable Interest Entity [Line Items]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	49.90%
Net income attributable to non-controlling interest		$ (12,371)	$ (14,516)	$ (15,155)
Number of Days Following the End of the Quarter When Distributions of Net Income Attributable to this Non-controlling Interest are Due		30 days
Current assets		$ 1,071,708	808,133
Property, plant and equipment of variable interest entities, net		6,797,948	6,449,176
Current liabilities		1,666,690	901,713
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Current assets		12,761	13,220
Property, plant and equipment of variable interest entities, net		178,761	189,079
Current liabilities		5,394	5,841
Power Generation
Variable Interest Entity [Line Items]
Net income attributable to non-controlling interest		$ (12,000)	$ (15,000)	$ (15,000)
Pueblo Airport Generation \| Subsidiary of Common Parent
Variable Interest Entity [Line Items]
Electric Generation Capacity, Megawatts \| MW		200

Employee Benefit Plans: Defined Contribution Plans (Details)	12 Months Ended
	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	50.00%
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage	20.00%
Defined Contribution Plan, Employee Vesting Period	5 years
Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage	100.00%

Employee Benefit Plans: Defined Benefit Pension Plan (Details) - PensionPlan	Dec. 31, 2022	Dec. 31, 2021
Number of Defined Pension Plans	1
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	100.00%	100.00%
Return Seeking Assets
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	26.00%	28.00%
Liability-hedging Assets
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	74.00%	72.00%
Investment in privately held oil and gas company \| Return Seeking Assets
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	14.00%	15.00%
Real Estate \| Return Seeking Assets
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	7.00%	7.00%
Fixed Income \| Return Seeking Assets
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	2.00%	3.00%
Fixed Income \| Liability-hedging Assets
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	72.00%	71.00%
Hedge Funds \| Return Seeking Assets
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	3.00%	3.00%
Cash \| Liability-hedging Assets
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	2.00%	1.00%
Minimum \| Return Seeking Assets \| Pension Plan
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	20.00%
Minimum \| Hedge Funds \| Pension Plan
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	72.00%
Maximum \| Return Seeking Assets \| Pension Plan
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	28.00%
Maximum \| Hedge Funds \| Pension Plan
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	80.00%

Employee Benefit Plans: Plan Contributions (Details) - USD ($) $ in Thousands	12 Months Ended		24 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Payment for Pension Benefits	$ 0	$ 0	$ 0
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Payment for Pension and Other Postretirement Benefits	6,131	6,432
Payment for Pension Benefits	4,488	4,726
Supplemental Non-Qualified Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Payment for Pension Benefits	3,061	2,576
Defined Contribution Plan, Company Retirement
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Employer Discretionary Contribution Amount	11,885	11,332
Defined Contribution Plan, 401K
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 16,187	$ 15,938

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Employee Benefit Plans: Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Plan
Defined Benefit Plan, Plan Assets, Amount	$ 323,141	$ 458,387	$ 473,721
Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	323,142	458,387
Defined Benefit Plan, Fair Value of Plan Assets, Excluding Net Asset Value investments	293,486	415,490
Defined Benefit Plan, Alternative Investments, Fair Value Of Plan Assets	29,656	42,897
Fair Value, Measurements, Recurring \| Postretirement Health Coverage
Defined Benefit Plan, Plan Assets, Amount	7,752	7,972
Defined Benefit Plan, Fair Value of Plan Assets, Excluding Net Asset Value investments	7,752	7,972
Fair Value, Inputs, Level 1 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Inputs, Level 1 \| Fair Value, Measurements, Recurring \| Postretirement Health Coverage
Defined Benefit Plan, Plan Assets, Amount	7,752	7,972
Fair Value, Inputs, Level 2 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	293,486	415,490
Fair Value, Inputs, Level 2 \| Fair Value, Measurements, Recurring \| Postretirement Health Coverage
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	0	0
Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Recurring \| Postretirement Health Coverage
Defined Benefit Plan, Plan Assets, Amount	0
Common Collective Trust, Cash And Cash Equivalents \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	6,374	6,009
Defined Benefit Plan, Fair Value of Plan Assets, Excluding Net Asset Value investments	6,374	6,009
Defined Benefit Plan, Alternative Investments, Fair Value Of Plan Assets	0	0
Common Collective Trust, Cash And Cash Equivalents \| Fair Value, Inputs, Level 1 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	0	0
Common Collective Trust, Cash And Cash Equivalents \| Fair Value, Inputs, Level 2 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	6,374	6,009
Common Collective Trust, Cash And Cash Equivalents \| Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	0	0
Common Collective Trust - Equity \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	45,087	70,262
Defined Benefit Plan, Fair Value of Plan Assets, Excluding Net Asset Value investments	45,087	70,262
Defined Benefit Plan, Alternative Investments, Fair Value Of Plan Assets	0	0
Common Collective Trust - Equity \| Fair Value, Inputs, Level 1 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	0	0
Common Collective Trust - Equity \| Fair Value, Inputs, Level 2 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	45,087	70,262
Common Collective Trust - Equity \| Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	0	0
Common Collective Trust - Fixed Income \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	242,025	339,219
Defined Benefit Plan, Fair Value of Plan Assets, Excluding Net Asset Value investments	242,025	339,219
Defined Benefit Plan, Alternative Investments, Fair Value Of Plan Assets	0	0
Common Collective Trust - Fixed Income \| Fair Value, Inputs, Level 1 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	0	0
Common Collective Trust - Fixed Income \| Fair Value, Inputs, Level 2 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	242,025	339,219
Common Collective Trust - Fixed Income \| Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	0	0
Common Collective Trust - Real Estate \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	21,572	30,407
Defined Benefit Plan, Fair Value of Plan Assets, Excluding Net Asset Value investments		0
Defined Benefit Plan, Alternative Investments, Fair Value Of Plan Assets	21,572	30,407
Common Collective Trust - Real Estate \| Fair Value, Inputs, Level 1 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	0	0
Common Collective Trust - Real Estate \| Fair Value, Inputs, Level 2 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	$ 0	0
Common Collective Trust - Real Estate \| Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount		0
Hedge Funds \| Minimum
Percentage Of Monthly Redemption	10.00%
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period	15 days
Hedge Funds \| Maximum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period	60 days
Hedge Funds \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	$ 8,084	12,490
Defined Benefit Plan, Fair Value of Plan Assets, Excluding Net Asset Value investments		0
Defined Benefit Plan, Alternative Investments, Fair Value Of Plan Assets	8,084	12,490
Hedge Funds \| Fair Value, Inputs, Level 1 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	0	0
Hedge Funds \| Fair Value, Inputs, Level 2 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	0	0
Hedge Funds \| Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Recurring \| Pension Plan
Defined Benefit Plan, Plan Assets, Amount	0	0
Cash \| Fair Value, Measurements, Recurring \| Postretirement Health Coverage
Defined Benefit Plan, Plan Assets, Amount	7,752	7,972
Defined Benefit Plan, Fair Value of Plan Assets, Excluding Net Asset Value investments	7,752	7,972
Cash \| Fair Value, Inputs, Level 1 \| Fair Value, Measurements, Recurring \| Postretirement Health Coverage
Defined Benefit Plan, Plan Assets, Amount	7,752	7,972
Cash \| Fair Value, Inputs, Level 2 \| Fair Value, Measurements, Recurring \| Postretirement Health Coverage
Defined Benefit Plan, Plan Assets, Amount	0	0
Cash \| Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Recurring \| Postretirement Health Coverage
Defined Benefit Plan, Plan Assets, Amount	$ 0	$ 0

Employee Benefit Plans: Employee Benefit Plan Obligations (Details) - USD ($) $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Pension Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at beginning of year	$ 478,262	$ 514,008		$ 514,008
Service Cost	3,927	5,038	$ 5,411
Interest cost	10,819	9,313	13,426
Actuarial (gain) loss	(97,960)	(14,037)
Amendments		(561)		0
Benefits paid	(36,663)	(35,499)
Plan participants’ contributions	0	0
Projected benefit obligation at end of year	358,385	478,262	514,008	358,385
Supplemental Employee Retirement Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at beginning of year	55,260	55,054		55,054
Service Cost	(801)	3,149	1,579
Interest cost	834	706	1,099
Actuarial (gain) loss	(7,007)	(1,073)
Amendments	0	0
Benefits paid	(3,061)	(2,576)
Plan participants’ contributions	0	0
Projected benefit obligation at end of year	45,225	55,260	55,054	45,225
Other Postretirement Benefits Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at beginning of year	63,484	70,238		70,238
Service Cost	1,968	2,237	2,056
Interest cost	1,285	1,058	1,649
Actuarial (gain) loss	(12,300)	(5,165)
Amendments	0	0
Benefits paid	(6,131)	(6,432)
Plan participants’ contributions	1,419	1,548
Projected benefit obligation at end of year	$ 49,725	$ 63,484	$ 70,238	$ 49,725

Employee Benefit Plans: Fair Value Employee Benefit Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended		24 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Beginning fair value of plan assets	$ 458,387	$ 473,721	$ 473,721
Investment income (loss)	(98,585)	20,165
Employer contributions	0	0	0
Retiree contributions	0	0
Defined Benefit Plan, Plan Assets, Benefits Paid	(36,661)	(35,499)
Ending fair value of plan assets	323,141	458,387	323,141
Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Beginning fair value of plan assets	0	0	0
Investment income (loss)	0	0
Employer contributions	3,061	2,576
Retiree contributions	0	0
Defined Benefit Plan, Plan Assets, Benefits Paid	(3,061)	(2,576)
Ending fair value of plan assets	0	0	0
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Beginning fair value of plan assets	7,972	8,165	8,165
Investment income (loss)	4	(35)
Employer contributions	4,488	4,726
Retiree contributions	1,419	1,548
Defined Benefit Plan, Plan Assets, Benefits Paid	(6,131)	(6,432)
Ending fair value of plan assets	$ 7,752	$ 7,972	$ 7,752

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Employee Benefit Plans: Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Regulatory assets	$ 652,981	$ 796,599
Benefit plan liabilities	116,742	123,925
Regulatory liabilities	518,573	502,951
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Regulatory assets	78,654	67,403
Current liabilities	0	0
Non-current assets	0	0
Benefit plan liabilities	35,243	19,872
Regulatory liabilities	2,804	3,830
Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Regulatory assets	0	0
Current liabilities	2,231	2,156
Non-current assets	0	0
Benefit plan liabilities	42,994	53,104
Regulatory liabilities
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Regulatory assets	3,788	11,660
Current liabilities	4,427	4,584
Non-current assets	959	0
Benefit plan liabilities	38,505	50,949
Regulatory liabilities	$ 6,198	$ 2,447

Employee Benefit Plans: Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Accumulated Benefit Obligation	$ 350,187	$ 466,505
Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Accumulated Benefit Obligation	45,225	55,260
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Accumulated Benefit Obligation	$ 49,725	$ 63,484

Employee Benefit Plans: Components of Net Periodic Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service Cost	$ 3,927	$ 5,038	$ 5,411
Interest cost	$ 10,819	$ 9,313	$ 13,426
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on assets	$ (18,523)	$ (20,876)	$ (22,591)
Net amortization of prior service cost	(68)	0	0
Recognized net actuarial loss (gain)	6,092	7,315	8,372
Net periodic benefit expense	2,247	790	4,618
Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Service Cost	(801)	3,149	1,579
Interest cost	$ 834	$ 706	$ 1,099
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on assets	$ 0	$ 0	$ 0
Net amortization of prior service cost	0	0	2
Recognized net actuarial loss (gain)	276	1,754	1,702
Net periodic benefit expense	309	5,609	4,382
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Service Cost	1,968	2,237	2,056
Interest cost	$ 1,285	$ 1,058	$ 1,649
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on assets	$ (125)	$ (136)	$ (182)
Net amortization of prior service cost	(289)	(434)	(546)
Recognized net actuarial loss (gain)	64	466	20
Net periodic benefit expense	$ 2,903	$ 3,191	$ 2,997

Employee Benefit Plans: AOCI Amounts (After-Tax) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net (gain) loss	$ 5,179	$ 4,398
Prior service cost (gain)	(39)	(46)
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax, Total	5,140	4,352
Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Net (gain) loss	1,565	7,159
Prior service cost (gain)	0	0
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax, Total	1,565	7,159
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Net (gain) loss	(667)	(308)
Prior service cost (gain)	74	(27)
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax, Total	$ (593)	$ (335)

Employee Benefit Plans: Assumptions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.14%
Minimum
Defined Benefit Plan Disclosure [Line Items]
Trend Year	2031	2030
Maximum
Defined Benefit Plan Disclosure [Line Items]
Trend Year	2031	2030
Black Hills Corporation \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Post-65 for next year - All Plans	7.00%	6.05%
Black Hills Corporation \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Post-65 for next year - All Plans	6.00%	5.10%
Black Hills Service Company \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Post-65 Ultimate trend rate - Black Hills Corp	4.50%	4.50%
Black Hills Service Company \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Post-65 Ultimate trend rate - Black Hills Corp	4.50%	4.50%
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.17%	2.88%	2.56%
Rate of increase in compensation levels	3.06%	3.08%	3.34%
Expected long-term rate of return on assets	4.25%	4.50%	5.25%
Rate of increase in compensation levels	3.08%	3.34%	3.49%
Defined Benefit Plan Assumptions Used In Calculating Net Periodic Benefit Cost Expected Rate of Return On Assets For Next Fiscal Year	6.00%
2023	$ 26,889
2024	26,882
2025	27,870
2026	28,182
2027	28,166
2027-2031	$ 140,416
Pension Plan \| Black Hills Corporation
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.88%
Discount Rate		2.56%	3.27%
Pension Plan \| Black Hills Corporation Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Post-65 for next year - All Plans	5.20%
Supplemental Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.13%	2.77%	2.41%
Rate of increase in compensation levels	0.00%	5.00%	5.00%
Rate of increase in compensation levels	0.00%	5.00%	5.00%
2023	$ 2,231
2024	2,417
2025	2,764
2026	2,790
2027	2,727
2027-2031	$ 12,184
Supplemental Employee Retirement Plan \| Black Hills Corporation
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.77%
Discount Rate		2.41%	3.14%
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate		2.79%	2.41%
Expected long-term rate of return on assets	1.70%	1.80%	2.35%
2023	$ 5,600
2024	5,313
2025	5,022
2026	4,883
2027	4,769
2027-2031	$ 21,147
Other Postretirement Benefits Plan \| Black Hills Corporation
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.79%
Discount Rate		2.41%	3.15%

Share-based Compensation Plans: Compensation Related Costs, Share Based Payments (Details) - USD ($) $ in Thousands			12 Months Ended
	Apr. 26, 2022	Apr. 25, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Number of shares available for future issuance	2,900,000	1,200,000
Shares available for grant			2,213,716
Unrecognized compensation expense			$ 12,000
Weighted-average recognition period			1 year 8 months 12 days
Stock compensation			$ 8,551	$ 9,655	$ 5,373

Share-based Compensation Plans: Restricted Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock and RSUs, total fair value of shares vested	$ 1,038	$ 3,294	$ 2,199
Unrecognized compensation expense	$ 12,000
Weighted-average recognition period	1 year 8 months 12 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	179	219
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 67.23	$ 67.64
Performance Shares, Granted in Period	70
Granted (usd per share)	$ 69.03	$ 65.64	$ 69.49
Shares Vested	(94)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 69.64
Shares Forfeited	(16)
Forfeited (usd per share)	$ 66.03
Restricted Stock and RSUs, total fair value of shares vested	$ 6,436	$ 5,400	$ 6,722
Unrecognized compensation expense	$ 7,500
Weighted-average recognition period	1 year 8 months 12 days

Share Based Compensation Plans: Performance Share Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Share Award Payout, Shares of Common Stock Percentage	100.00%
Unrecognized compensation expense	$ 12,000
Performance Shares, Number of Shares Authorized			36
Stock Issued During Period, Shares, Treasury Stock Reissued	8	28	14
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid	$ 519	$ 1,647	$ 1,100
Restricted Stock and RSUs, total fair value of shares vested	$ 1,038	$ 3,294	$ 2,199
Performance Goal - Percentile of Peer Group Performance	2600.00%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Share Award Payout, Cash Percentage	50.00%
Performance Share Award Payout, Shares of Common Stock Percentage	50.00%
The percentage paid in cash for the accrued equity portion of the performance share plan upon change in control	100.00%
Unrecognized compensation expense	$ 1,400
Performance Share Award, Percentage of Target	27.00%
Weighted Average Grant Date Fair Value (usd per share)			$ 81.42
Blended volatility			18.00%
Volatility Rate - Historic			0.50
Volatility Rate - Implied			0.50
Volatility range for the peer group, Maximum	67.00%	76.00%
Target shares, value	$ 700
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Share Award, Percentage of Target	0.00%		0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Share Award, Percentage of Target	200.00%		200.00%
Performance Shares, Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Shares, Number of Shares Authorized	18	36
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 81.42	$ 68.14
Performance Shares, Granted in Period	0
Weighted Average Grant Date Fair Value (usd per share)	$ 0
Shares Forfeited	0
Forfeited (usd per share)	$ 0
Shares Vested	(18)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 68.72
Performance Shares, Liability Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Shares, Number of Shares Authorized	18	36
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 32.74
Shares Vested	(18)

Share-based Compensation Plans: Performance Plan Share Units (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Share Award Payout, Shares of Common Stock Percentage	100.00%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Share Award Payout, Shares of Common Stock Percentage	50.00%
Performance Share Award, Percentage of Target	27.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period	3 years
Award vesting period	3 years
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Share Award, Percentage of Target	0.00%	0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Share Award, Percentage of Target	200.00%	200.00%

Share-based Compensation Plans: Performance Share Units-Market Condition (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Performance Share Units - Market Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award - Performance Period Used to Estimate Expected Share Payout	3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (usd per share)	$ 74.48	$ 64.97
Three-year risk-free rate	0.97%	0.17%
Black Hills Corporation’s common stock volatility	30.00%	33.00%
Volatility range for peer group, Minimum	22.00%	25.00%
Volatility range for the peer group, Maximum	67.00%	76.00%
Performance Shares \| Performance Share Units - Market Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (usd per share)	$ 74.48

Share-based Compensation Performance Condition (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average recognition period	1 year 8 months 12 days
Performance Share Units - Market Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award - Performance Period Used to Estimate Expected Share Payout	3 years
Performance Share Units - Performance Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award - Performance Period Used to Estimate Expected Share Payout	3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (usd per share)	$ 74.48	$ 64.97
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 4.1
Weighted-average recognition period	1 year 8 months 12 days
Performance Shares \| Performance Share Units - Market Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	68,474	32,903
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 69.91	$ 64.97
Performance Shares, Granted in Period	35,571
Granted (usd per share)	$ 74.48
Performance Shares \| Performance Share Units - Performance Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	45,666	21,948
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 66.19	$ 61.45
Performance Shares, Granted in Period	23,718
Granted (usd per share)	$ 70.57

Income Taxes: Winter Storm Uri (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Recovery of incremental costs	$ 652,981	$ 796,599
Deferred income tax liabilities, net	508,941	465,388
Internal Revenue Service (IRS)
Operating Loss Carryforwards, With no Expiration Date	584,161
Operating Loss Carryforwards	330,085
State and Local Jurisdiction
Operating Loss Carryforwards	408,269
Winter Storm Uri
Recovery of incremental costs	546,000
Deferred income tax liabilities, net	$ 85,000	124,000
Winter Storm Uri \| Internal Revenue Service (IRS)
Operating Loss Carryforwards, With no Expiration Date		509,000
Winter Storm Uri \| State and Local Jurisdiction
Operating Loss Carryforwards		$ 375,000

Income Taxes: Tax Cut and Jobs Act (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 21, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 21, 2017
U.S. federal corporate tax rate	35.00%	21.00%	21.00%	21.00%	35.00%
Revenue Subject to Refund
Revenue Refunded To Customers As A Result Of The TCJA Tax Benefits		$ 11	$ 23	$ 13

Income Taxes: Current and Deferred Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ (467)	$ 574	$ (6,020)
State	80	(666)	847
Total Current	(387)	(92)	(5,173)
Deferred:
Federal	23,205	2,170	35,672
State	2,387	5,091	2,419
Total Deferred	25,592	7,261	38,091
Total Current and Deferred	$ 25,205	$ 7,169	$ 32,918

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes: Effective Tax Rate Differences From Statutory Tax Rates (Details)		12 Months Ended
	Dec. 21, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 21, 2017
Income Tax Disclosure [Abstract]
Federal Statutory Rate	35.00%	21.00%	21.00%	21.00%	35.00%
State income tax (net of federal tax effect)		0.50%	1.20%	2.40%
Non-controlling interest		(0.90%)	(1.20%)	(1.20%)
Tax Credits		(7.70%)	(8.40%)	(9.20%)
Flow-through adjustments		(1.40%)	(3.20%)	(1.60%)
Uncertain Tax Benefits		0.00%	0.30%	1.50%
Valuation Allowance		0.00%	0.00%	0.70%
Other tax differences		(0.10%)	(0.20%)	0.60%
Amortization Of excess deferred income tax expense		(2.50%)	(3.10%)	(2.30%)
TCJA bill credits		(0.40%)	(3.60%)	(0.00%)
Effective Income Tax Rate, Continuing Operations		8.50%	2.80%	11.90%

Income Taxes: Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets, Net [Abstract]
Regulatory liabilities	$ 74,728	$ 77,099
State tax credits	22,817	23,342
Federal NOL	191,992	227,535
State NOL	23,031	33,639
Partnership	12,755	13,395
Credit Carryovers	90,881	68,646
Other deferred tax assets	45,407	31,996
Less: Valuation allowance	(15,476)	(14,719)
Total deferred tax assets	446,135	460,933
Deferred tax liabilities:
Accelerated depreciation, amortization and other plant-related differences	(645,762)	(597,284)
Regulatory assets	(94,433)	(124,582)
Goodwill	(57,884)	(45,471)
State deferred tax liability	(98,200)	(109,136)
Other deferred tax liabilities	(58,797)	(49,848)
Total deferred tax liabilities	(955,076)	(926,321)
Net deferred tax liability	$ (508,941)	$ (465,388)

Income Taxes: Net Operating Loss and and Tax Credit Carryforwards (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 330,085,000
Operating Loss Carryforwards, With no Expiration Date	584,161,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	408,269,000
Tax Credit Carryforward	22,817,000
State and Local Jurisdiction \| Valuation Allowance, Operating Loss Carryforwards
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards Valuation Allowance	1,100,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	0
State and Local Jurisdiction \| Valuation Allowance, Income Tax Credit Carryforwards
Operating Loss Carryforwards [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	800,000
Income Tax Credit carryforward, valuation allowance	14,000,000
Valuation allowance, increase to tax expense	600,000
Remaining tax expense related to increase in valuation allowance	$ 200,000

Income Taxes: Reconciliation of unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Liability for Uncertain Tax Positions, Noncurrent, Period Start	$ 10,554	$ 8,383	$ 4,165
Additions for prior year tax positions	7	448	3,788
Reductions for prior year tax positions	(773)	(732)	(1,313)
Additions for current year tax positions	2,097	2,455	1,743
Liability for Uncertain Tax Positions, Noncurrent, Period End	11,885	$ 10,554	$ 8,383
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 5,700

Income Taxes: Interest, Penalties and Audits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Interest Expense	$ 0	$ 0	$ 0
Unrecognized Tax Benefits, Interest Accrued	$ 0	$ 0

Business Segment Information: Information Relating to Segments Statement of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information
Revenue from contracts with customers	$ 2,542,856	$ 1,930,834	$ 1,680,804
Revenue	2,551,816	1,949,102	1,696,941
Fuel, purchased power and cost of natural gas sold	1,230,550	741,934	492,404
Operations and maintenance, including taxes	615,113	561,786	551,777
Depreciation, depletion and amortization	250,909	235,953	224,457
Adjusted operating income (loss)	455,244
Operating income (loss)	455,244	409,429	428,303
Interest expense, net	(160,989)	(152,404)	(143,470)
Impairment of investment	0	0	(6,859)
Other income (expense), net	1,708	1,404	(2,293)
Income tax expense	(25,205)	(7,169)	(32,918)
Net income	270,758	251,260	242,763
Net income attributable to non-controlling interest	(12,371)	(14,516)	(15,155)
Net income available for common stock	258,387	236,744	227,608
Electric Utilities
Segment Reporting Information
Revenue from contracts with customers	894,614	836,923	732,681
Revenue	900,162	842,258	738,857
Fuel, purchased power and cost of natural gas sold	266,284	248,018	138,572
Operations and maintenance, including taxes	283,654	260,036	265,679
Depreciation, depletion and amortization	135,966	131,528	123,632
Adjusted operating income (loss)	214,258	202,676	210,974
Gas Utilities
Segment Reporting Information
Revenue from contracts with customers	1,665,249	1,111,539	964,421
Revenue	1,669,090	1,124,865	974,670
Fuel, purchased power and cost of natural gas sold	965,108	494,738	354,645
Operations and maintenance, including taxes	345,143	314,810	303,577
Depreciation, depletion and amortization	114,679	104,160	100,559
Adjusted operating income (loss)	244,160	211,157	215,889
Corporate, Non-Segment
Segment Reporting Information
Revenue	368,739	356,347	353,143
Fuel, purchased power and cost of natural gas sold	(11)	96	83
Operations and maintenance, including taxes	309,773	293,265	284,501
Depreciation, depletion and amortization	26,964	26,838	25,150
Adjusted operating income (loss)	32,013	36,148	43,409
Intercompany Eliminations
Segment Reporting Information
Revenue from contracts with customers	(17,007)	(17,628)	(16,298)
Revenue	(17,436)	(18,021)	(16,586)
Fuel, purchased power and cost of natural gas sold	(831)	(918)	(896)
Operations and maintenance, including taxes	(323,457)	(306,325)	(301,980)
Depreciation, depletion and amortization	(26,700)	(26,573)	(24,884)
Adjusted operating income (loss)	(35,187)	(40,552)	(41,969)
Other revenues
Segment Reporting Information
Revenue	8,960	18,268	16,137
Other revenues \| Electric Utilities
Segment Reporting Information
Revenue	5,548	5,335	6,176
Other revenues \| Gas Utilities
Segment Reporting Information
Revenue	3,841	13,326	10,249
Other revenues \| Intercompany Eliminations
Segment Reporting Information
Revenue	(429)	(393)	(288)
External Customers
Segment Reporting Information
Revenue from contracts with customers	2,542,856	1,930,834	1,680,804
Revenue	2,551,816	1,949,102	1,696,941
External Customers \| Electric Utilities
Segment Reporting Information
Revenue from contracts with customers	882,899	825,404	721,108
Revenue	888,447	830,740	727,283
External Customers \| Gas Utilities
Segment Reporting Information
Revenue from contracts with customers	1,659,957	1,105,430	959,696
Revenue	1,663,369	1,118,362	969,658
External Customers \| Other revenues
Segment Reporting Information
Revenue	8,960	18,268	16,137
External Customers \| Other revenues \| Electric Utilities
Segment Reporting Information
Revenue	5,548	5,336	6,175
External Customers \| Other revenues \| Gas Utilities
Segment Reporting Information
Revenue	3,412	12,932	9,962
Intercompany Customers
Segment Reporting Information
Revenue from contracts with customers	0	0	0
Revenue	0	0	0
Intercompany Customers \| Electric Utilities
Segment Reporting Information
Revenue from contracts with customers	11,715	11,518	11,574
Revenue	11,715	11,518	11,574
Intercompany Customers \| Gas Utilities
Segment Reporting Information
Revenue from contracts with customers	5,292	6,110	4,724
Revenue	5,721	6,503	5,012
Intercompany Customers \| Corporate, Non-Segment
Segment Reporting Information
Revenue from contracts with customers	538	196	167
Revenue	368,739	356,347	353,143
Intercompany Customers \| Intercompany Eliminations
Segment Reporting Information
Revenue from contracts with customers	(17,545)	(17,824)	(16,465)
Revenue	(386,175)	(374,368)	(369,729)
Intercompany Customers \| Other revenues
Segment Reporting Information
Revenue	0	0	0
Intercompany Customers \| Other revenues \| Electric Utilities
Segment Reporting Information
Revenue		0	0
Intercompany Customers \| Other revenues \| Gas Utilities
Segment Reporting Information
Revenue	429	393	288
Intercompany Customers \| Other revenues \| Corporate, Non-Segment
Segment Reporting Information
Revenue	368,201	356,151	352,976
Intercompany Customers \| Other revenues \| Intercompany Eliminations
Segment Reporting Information
Revenue	$ (368,630)	$ (356,544)	$ (353,264)

Business Segment Information: Segment Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item
Total Assets	$ 9,618,230	$ 9,131,896
Corporate and Other
Segment Reporting, Asset Reconciling Item
Total Assets	110,227	88,864
Electric Utilities
Segment Reporting, Asset Reconciling Item
Total Assets	3,929,721	3,796,662
Gas Utilities
Segment Reporting, Asset Reconciling Item
Total Assets	$ 5,578,282	$ 5,246,370

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
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+ Details

Business Segment Information: Capital Expenditures and Asset Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Capital Expenditures	$ 597,668	$ 679,590	$ 755,392
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Capital Expenditures	5,097	10,500	17,500
Electric Utilities
Segment Reporting Information [Line Items]
Capital Expenditures	243,133	285,770	288,683
Gas Utilities
Segment Reporting Information [Line Items]
Capital Expenditures	$ 349,438	$ 383,320	$ 449,209